VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2013) -
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AZINCOURT URANIUM INC. ("Azincourt" or "the Company") (TSX VENTURE:AAZ) is pleased to announce that it has completed a non-brokered private placement of 5,427,103 units of the Company at a price of $0.27 per unit for gross proceeds of $1,465,317.81 (the "Offering").
Each unit consists of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share at a price of C$0.40 per common share until December 19, 2014 (the "Expiry Date") subject to the Company's right to accelerate the exercise of the Warrants if the volume weighted average closing price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds C$0.60 for a period of ten (10) consecutive trading days between the date that is between 4 months and 1 day following the issuance of the Warrants and the Expiry Date of the Warrants.
All securities issued or issuable under the Offering are subject to a four-month hold period in accordance with applicable Canadian securities laws that expires on April 20, 2014.
In connection with the Offering, Azincourt paid cash commissions to eligible finders, totalling C$93,008.63.
The net proceeds of the Offering will be used to advance the Company's projects in Canada and Peru, subject to the closing of the acquisition of Minergia SAC, and for general working capital purposes.
Closing of this Offering has received final acceptance by the TSX Venture Exchange.
About Azincourt Uranium Inc.
Azincourt Uranium Inc. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties, with offices in in Vancouver, British Columbia and Saskatoon, Saskatchewan. Its common shares are listed on the TSX Venture Exchange under the symbol "AAZ".
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Ted O'Connor, CEO and President
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.