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Azincourt Energy Closes an Additional $1.027 Million in Private Placement
VANCOUVER, British Columbia, April 30, 2019 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to an
About this update from Azincourt Energy Corp
[{"type":"text","content":"VANCOUVER, British Columbia, April 30, 2019 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to announce to announce that due to recent institutional interest it has elected to re-open its previously announced non-brokered private placement, and has closed an additional tranche of the placement for gross proceeds of $1,027,326. In connection with closing of this tranche, the Company has issued a further 15,000,000 flow-through units (each, an “FT Unit”) and 5,546,526 non-flow-through units (each, an “NFT Unit”), each at a price of $0.05 per unit. Each FT Unit consists of one flow-through common share and one common share purchase warrant, and each NFT Unit consists of one common share and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share for a period of sixty months at a price of $0.07. “This additional financing represents a substantial portion of the remaining commitment to earn 70% of the East Preston project,” said president & CEO, Alex Klenman. “This solidifies our future developmental timeline, well ahead of schedule, and allows us to focus on significantly expanding our drill plans. Institutional interest in East Preston has certainly increased, and we’re pleased the compelling risk-reward scenario it represents is receiving recognition,” continued Mr. Klenman. In connection with completion of this additional tranche, the Company has paid commissions of $83,019.79 and has issued 1,500,000 Warrants, to certain parties who have introduced subscribers to the placement. All securities issued in connection with the placement are subject to a four-month-and-one-day statutory hold period. The Company intends to apply the net proceeds of the placement to ongoing development work at the Company’s East Preston Uranium Project, and general working capital. About East Preston Azincourt is currently earning towards 70% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Clean Commodities Corp (TSX.V: CLE). Extensive regional exploration work at East Preston was completed in 2013-14, including airborne electromagnetic (VTEM), magnetic and radiometric surveys. Three prospective conductive, low magnetic signatur...