Azincourt Resources Inc.

April 30, 2012 13:56 ET

Azincourt Completes its Prospectus Offering and Lists on the TSX Venture Stock Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2012) - Azincourt Resources Inc. (the "Company") (TSX VENTURE:AAZ) is pleased to announce that it has today (the "Closing Date") completed its initial public offering ("Offering") of 6,000,000 Shares at a price of $0.15 per Share, for aggregate gross proceeds of $900,000.

The TSX Venture Exchange (the "TSXV") has accepted the Company's listing application, and the Company's common shares will commence trading on the TSXV at the opening on May 1, 2012 (the "Listing Date") under the trading symbol "AAZ".

Wolverton Securities Ltd. (the "Agent") assisted the Company in selling the IPO. As consideration, the Agent received: (i) a cash commission of $72,000 equal to 8% of the gross proceeds of the IPO; (ii) a corporate finance fee of $25,000 (plus HST), $22,000 (plus HST) of which was paid in cash and the balance of $3,000 payable in Corporate Finance Shares with the HST on the same paid in cash; (iii) options to acquire an aggregate of 480,000 shares, exercisable at $0.15 per share for a period of 24 months expiring May 1, 2014; and (iv) their expenses as incurred.

The Company presently has 14,095,000 common shares issued and outstanding of which: a) 3,675,000 common shares (the "Escrow Shares") are subject to escrow restrictions, to be released as to 10% on the Listing Date and 15% every six months for 36 months following the Listing Date; and b) 4,400,000 common shares are subject to resale restrictions with 20% being free-trading on the Closing Date and an additional 20% to be released every month thereafter for four months. The Company also has 6,075,000 transferable share purchase warrants ("Warrants") outstanding, exercisable at $0.15 per share until May 1, 2017. 1,675,000 of the Warrants (the "Escrow Warrants") are subject to escrow restrictions, to be released as to 10% on the Listing Date and 15% every six months for 36 months following the Listing Date.

Complete details of the Offering and the Company's business are as set out in the Company's Prospectus dated January 31, 2012 and filed on SEDAR.

The Company's board of directors consists of Darren P. Devine (CEO, President, Secretary), Latika D. Prasad (CFO), Ian M. Burns and Paul S. Reynolds.

The Company announces that it has granted an aggregate of 865,000 incentive stock options to directors, key employees and consultants, which will become effective on the Listing Date, exercisable at $0.15 per share for a period of five years. The Options, and any securities acquired on exercise of the same, are subject to a four-month hold period expiring September 1, 2012.

ON BEHALF OF THE BOARD

Darren P. Devine, CEO, President, Secretary and Director

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Contact Information

  • Azincourt Resources Inc.
    Darren P. Devine
    1-604-569-2963
    1-604-568-0945 (FAX)