SASKATOON, SASKATCHEWAN--(Marketwired - Feb. 6, 2017) -
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AZINCOURT URANIUM INC. ("Azincourt" or "the Company"); (TSX VENTURE:AAZ) announces its intention to undertake a non-brokered private placement (the "Offering") to raise aggregate gross proceeds of up to C$1,000,000. The Offering will consist of up to 10,000,000 non-flow-through units at a price of C$0.075 per unit and up to 2,500,000 flow through units at C$0.10 per unit.
Each non-flow-through unit will consist of one common share and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share for a period of one (1) year at a price of C$0.12 per common share.
Each flow-through unit will consist of one flow-through common share and one-half of one Warrant on the same terms as stated above.
Azincourt will apply the net proceeds of the Offering to advance the Company's Patterson Lake North property ("PLN") and for general working capital purposes. PLN lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp. In addition, the Company is currently reviewing opportunities to acquire interests in other uranium projects in the Athabasca Basin, Saskatchewan.
PLN is prospective for hosting structurally controlled high-grade uranium mineralization that is often associated with basement graphitic shear zones within clay-altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. Results from the drill program completed in July 2014 were extremely encouraging with prospective basement lithologies, structure, alteration, anomalous radioactivity and weak uranium mineralization intersected.
The Company may pay finders' fees in connection with the Offering, in accordance with TSX Venture Exchange policies. All securities issued under the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
Closing of the private placement is subject to receipt of TSX Venture Exchange approval.
The Company also announces that it has granted a total of 1,050,000 incentive stock options to directors, officers and consultants of the Company, subject to TSX Venture Exchange acceptance. Each option is exercisable to purchase one common share of the Company for five years at a price of C$0.10 per common share in accordance with the terms of the Company's stock option plan.
The technical portion of this release has been reviewed and approved by Ted O'Conner, a qualified person under National Instrument 43-101.
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. The Company's Patterson Lake North Property lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp. The company owns a 10% working interest in PLN and Fission 3.0 owns a 90% interest. In addition the Company is currently evaluating additional uranium properties to acquire or joint venture.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Paul Reynolds, Chief executive Officer
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.
This press release includes "forward-looking statements" that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Specifically, there is no assurance the Company will be able to complete the private placement on the terms set forth above, or at all.