Azincourt closes $1.65-million private placement

Jan 24, 2018

2018-01-24 10:12 ET – News Release

Mr. Alex Klenman reports

AZINCOURT ENERGY ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Azincourt Energy Corp. has completed a non-brokered private placement of 11,033,325 units of the company at a price of 15 cents per unit for gross proceeds of $1,655,000.

Each unit comprises one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share until Jan. 23, 2019, at a price of 22 cents per common share.

In accordance with securities legislation, all securities issued under the offering will be subject to a four-month hold period expiring on May 24, 2018.

The company paid cash commissions to eligible finders under the offering totalling $70,399.98.

Azincourt will apply the net proceeds of the offering to advance the company’s projects and for general working capital purposes.

Final closing of this offering has been accepted by the TSX Venture Exchange.

Warrant exercises

In addition, the company is also pleased to report that it has received an additional $1,215,009.48 in gross proceeds from the exercise of warrants over the past several weeks.

“Our cash position is now quite strong for a company at our stage of development,” said Alex Klenman, president and chief executive officer. “We have more than enough funds to meet existing work requirements on our lithium and uranium projects for the next year or so, and further, the additional funding means we have upward flexibility in how we approach our work programs and portfolio expansion. Simply put, we can put more dollars into the ground, and into acquisitions,” continued Mr. Klenman.

About Azincourt Energy Corp.

Azincourt Energy is a Canada-based resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel projects, including uranium, lithium, cobalt and other elements.

We seek Safe Harbor.

http://azincourtenergy.com/category/news-releases/