Azincourt Energy Corp. has announced the successful closure of the second tranche of its non-brokered private placement. The company issued 500,000 non-flow-through units (NFT Units) and 5,714,286 flow-through units (FT Units) as part of this tranche.
Unit Details
Each NFT Unit was priced at $0.03.
Each FT Unit was offered at a price of $0.035.
Each unit consists of one common share and one share purchase warrant.
Warrants
The warrant allows the holder to acquire an additional common share at a price of $0.05 until December 29, 2026.
Cumulative Proceeds
Combining the proceeds from both tranches, Azincourt Energy raised gross proceeds of $1,255,117.26. The funds will be allocated to drilling, exploration, and development activities for the East Preston Property in Saskatchewan and the Big Hill lithium project in Newfoundland.
Finder’s Fees
In connection with the second tranche closing, the company paid finder’s fees totaling $15,050 and issued 435,000 finder’s warrants, exercisable at $0.05 until December 29, 2026.
Securities Details
The securities issued are subject to a hold period under applicable securities laws in Canada, expiring four months and one day from December 29, 2023. They are also subject to closing conditions, including final approval from the TSX Venture Exchange.
Flow-Through Shares
The FT Shares qualify as “flow-through shares” under the Income Tax Act (Canada). The gross proceeds from FT Shares issuance will be used for eligible resource exploration expenses, qualifying as “Canadian exploration expenses” and “flow-through critical mineral mining expenditures.”
Important Notice
This news release clarifies that it does not constitute an offer to sell or solicit any securities in the United States. The securities issued have not been and will not be registered under the U.S. Securities Act of 1933, and they may not be offered or sold within the United States or to U.S. persons.
About Azincourt Energy Corp.
Azincourt Energy Corp. is a Canadian resource company specializing in the acquisition, exploration, and development of alternative energy projects, including uranium, lithium, and other critical clean energy elements. The company is actively involved in projects such as the East Preston uranium project and the Big Hill lithium project.
Source: globenewswire.com
