SASKATOON, SASKATCHEWAN--(Marketwired - Feb. 24, 2017) -
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
AZINCOURT URANIUM INC. ("Azincourt" or "the Company"); (TSX VENTURE:AAZ) is pleased to announce that it has completed a non-brokered private placement of 10,198,495 non flow-through units at a price of C$0.075 per unit and 2,600,000 flow through units at C$0.10 per unit for gross proceeds of C$1,024,887 (the "Offering").
Each flow through and non-flow-through unit consists of one common share and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase one additional common share until February 24, 2018 at a price of C$0.12 per common share.
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.
All securities issued or issuable under the Offering are subject to a four-month hold period expiring on June 25, 2017 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
In connection with the Offering, the Company paid cash commissions to eligible finders, totalling C$44,501.
Closing of this Offering is subject to final acceptance by the TSX Venture Exchange.
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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.