Azincourt closes $4.24-million private placement

Mar 4, 2021

2021-03-03 11:02 ET – News Release

 

Mr. Alex Klenman reports

AZINCOURT ENERGY CLOSES $4,241,500 PRIVATE PLACEMENT

Azincourt Energy Corp. has completed the final tranche of its non-brokered private placement and has issued 65.08 million non-flow-through units at a price of five cents per NFT unit for gross proceeds of $3,254,000. The gross proceeds to the company of both tranche 1 and tranche 2 totalled $4,241,500. A single institutional investor accounted for $1.85-million (37 million units) of the final tranche. In addition, the company has issued two million flow-through units at a price of five cents per FT unit for an additional $100,000.

Each NFT unit and FT unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of seven cents until March 3, 2026.

The proceeds from the private placement will be applied to the company’s exploration projects and for general working capital purposes. The gross proceeds from the FT units will be used to finance Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) which shall qualify as flow-through mining expenditures, for the purposes of the Income Tax Act (Canada). It is anticipated that expenditures will largely be focused on continuation of the company’s continuing diamond drilling program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.

All securities issued in connection with the private placement are subject to a statutory hold period in accordance with applicable securities laws until July 4, 2021. In connection with completion of the final tranche of the private placement, the company has paid $80,800 and issued 4,796,000 warrants and 3.18 million finder’s shares to certain arm’s-length third parties which assisted in introducing subscribers to the company.

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/

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