Azincourt Energy arranges $1.5-million financing

Jan 7, 2021

2021-01-06 21:12 ET – News Release

Mr. Alex Klenman reports

AZINCOURT ENERGY ANNOUNCES FLOW-THROUGH OFFERING

Azincourt Energy Corp. will offer up to 30 million flow-through (FT) units by way of a non-brokered private placement at a price of five cents per FT unit for gross proceeds of up to $1.5-million. Each FT unit will comprise one common share and one common share purchase warrant, each exercisable to acquire an additional common share at a price of seven cents for a period of 60 months. In connection with the placement, the company anticipates a single institutional investor will acquire up to 28 million FT units.

The gross proceeds from the placement 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 the continuation of the company’s continuing diamond drill program at the East Preston uranium project, located in the western Athabasca basin in Saskatchewan, Canada.

In connection with the placement, the company may pay finders’ fees to eligible third parties assisting in introducing subscribers to the company. All securities to be issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the placement remains subject to the approval 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/