Azincourt Energy Announces Flow-Through Offering
January 06 2021 - 8:03PM
AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”)
(TSX.V: AAZ, OTC: AZURF), is pleased to
announce that it will offer up to 30,000,000 flow-through units
(each, an “
FT Unit”) by way of non-brokered
private placement at a price of $0.05 per FT Unit for gross
proceeds of up to $1,500,000. Each “FT Unit” will be
comprised of one common share, and one common share purchase
warrant exercisable to acquire an additional common share at a
price of $0.07 for a period of sixty months. In connection with the
placement, the Company anticipates a single institutional investor
will acquire up to 28,000,000 FT Units.
The gross proceeds from the placement will be
used to fund 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 ongoing diamond drill program at the East Preston Uranium
Project, located in the western Athabasca basin, Saskatchewan,
Canada.
In connection with the placement, the Company
may pay finders’ fees to eligible third-parties who have assisted
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.
ON BEHALF OF THE BOARD OF AZINCOURT
ENERGY CORP.
“Alex Klenman”Alex Klenman, President
& CEO
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This press release includes “forward-looking
statements”, including forecasts, estimates, expectations and
objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of Azincourt. Investors are cautioned that any such
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. Such forward-looking
information represents management’s best judgment based on
information currently available. No forward-looking statement
can be guaranteed, and actual future results may vary
materially.
For further information please
contact:
Alex Klenman, President & CEOTel:
604-638-8063info@azincourtenergy.com
Azincourt Energy Corp.1430 – 800 West Pender
StreetVancouver, BC V6C
2V6www.azincourtenergy.com
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