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Azincourt Energy to Complete Acquisition of Uranium-Lithium Projects in Southern Peru
VANCOUVER, British Columbia, Feb. 18, 2021 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to ann
About this update from Azincourt Energy Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 18, 2021 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to announce that it has reached an agreement with 1177865 B.C. Ltd. (the “Vendor”) to complete the acquisition of all rights to a series of three uranium-lithium exploration projects (collectively, the “Projects”) located in the Picotani volcanic field in Carabaya and San Antanio De Putina provinces, Puno region, in southeastern Peru. The Projects, collectively known as the Escalera group, cover a combined area of 7,400 hectares of prospective exploration targets for volcanic-hosted supergene/surficial lithium and uranium on the Picotani plateau. The land package consists of the Escalera project comprising six concessions totaling 5,500 hectares, the Lituania concession covering 899.97 hectares and the Condorlit concession covering 999.97 hectares. The Company currently holds the option to acquire the Projects, which is exercisable by completing a series of cash payments and share issuances to the Vendor and incurring certain exploration expenditures on the Projects. The Company has previously completed cash payments and share issuances to the Vendor to maintain the option in good standing and was required to issue a further 1,000,000 common shares, complete a cash payment of $350,000 and incur exploration expenditures of $2,500,000 in order to exercise the option and acquire the Projects. Under the terms of the agreement reached with the Vendor, the Company has agreed to exercise the option immediately and to issue 10,000,000 common shares (the “Consideration Shares”) to the Vendor. In consideration for the issuance of the Consideration Shares, the Vendor has agreed to waive all further cash payments and expenditures required under the option and to assign ownership of the Projects to the Company. “We believe acquiring these Projects outright through a non-cash arrangement and completing the acquisition ahead of schedule is a good strategic move for the Company,” said Alex Klenman, President and CEO. “We like the exposure to both the lithium and uranium exploration targets these Projects contain. The acquisition also removes some cash obligations on the horizon. Our early exploration efforts in Peru were positive, particularly at Escalera. We were able...