Azincourt closes $887,500 1st tranche of financing

Jan 26, 2021

2021-01-26 13:29 ET – News Release

 

Mr. Alex Klenman reports

AZINCOURT ENERGY ANNOUNCES FIRST TRANCHE CLOSING OF $887,500 AND ADDITIONAL FLOW THROUGH PRIVATE PLACEMENT

Azincourt Energy Corp. has closed on $887,500 being the first tranche of a non-brokered private placement of units to raise gross proceeds of up to $1.5-million and, due to strong market interest, it has elected to conduct an additional offering of flow-through (FT) units for gross proceeds of $100,000.

Each unit and FT unit comprises one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for five years at a price of seven cents per common share.

The proceeds from the units will be applied to the company’s 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.

In connection with the closing of the first tranche of the offering, the company paid commissions to eligible finders totalling $8,400 and issued to such finders a total of 168,000 finders’ warrants on the same terms as the warrants.

All securities to be issued in connection with the offering will be subject to a four-month-and-one-day statutory hold period expiring on May 27, 2021, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada in accordance with applicable securities laws.

Closing of this offering is subject to the receipt of all necessary regulatory approvals, including that of the TSX Venture Exchange.

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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