Business
Azincourt Energy Announces First Tranche Closing of $887,500 and Additional Flow Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 26, 2021) - AZINCOURT ENERGY CORP. (...
About this update from Azincourt Energy Corp
[{"type":"text","content":"Azincourt Energy Announces First Tranche Closing of $887,500 and Additional Flow Through Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 26, 2021) - AZINCOURT ENERGY CORP. (TSXV: AAZ) (\"Azincourt\" or the \"Company\"), is pleased to announce that it has closed on $887,500 being the first tranche of a non-brokered private placement of units (each a \"Unit\") to raise gross proceeds of up to $1,500,000 and, due to strong market interest, it has elected to conduct an additional offering of flow through units (each, a \"FT Unit\") for gross proceeds of $100,000 (the \"Offering\").Each Unit and FT Unit is comprised of one common share and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share for 5 years at a price of $0.07 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 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 continuation of the Company's ongoing 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 C$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 element...