Azincourt closes $1.48-million private placement

May 20, 2020

2020-05-20 14:47 ET – News Release

Mr. Alex Klenman reports

AZINCOURT ENERGY ANNOUNCES AN INCREASE TO ITS PRIVATE PLACEMENT AND CLOSING

Azincourt Energy Corp. has closed its non-brokered private placement for gross proceeds of $1,481,905. The Offering was oversubscribed and the Company raised an additional $481,905 and issued an additional 9,920,996 units to what was previously announced (see news release dated April 22, 2020). 22,750,000 non-flow-through units were issued at a price of $0.05 (the “NFT Units”) and 6,261,906 flow-through units were issued at a price of $0.055 (the “FT Units”). Each NFT Unit issued is comprised of one common share and one common share purchase warrant (a “Warrant”). Each FT Unit issued is comprised of one flow-through common share and one Warrant. Each Warrant entitles the holder to purchase one additional common share for 5 years at a price of $0.07 per common share.

Azincourt will apply the net proceeds of the Offering to advance the Company’s projects and for general corporate purposes.

The Company paid commissions to finders under the placement consisting of aggregate cash commissions of $111,890.48 and the issuance of an aggregate of 1,160,191 finder’s warrants. Each finder’s warrant entitles the holder to purchase one common share of the Company at a price of C$0.07 per common share until May 20, 2025.

All securities issued or issuable under the offering are subject to a four-month hold period expiring on September 21, 2020, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.

Final closing of the Offering is subject to receipt of TSX Venture Exchange approval.

About Azincourt Energy Corp.

Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.

We seek Safe Harbor.

https://azincourtenergy.com/