Azure Resources Corporation

Azure Resources Corporation

April 23, 2014 09:30 ET

Azure Resources Corporation: Private Placement & Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 23, 2014) - Azure Resources Corporation (TSX VENTURE:AZU) (the "Company") announces that the Board of Directors has approved a resolution consolidating the Company's share capital on the basis of up to ten (10) old shares of the Company for one (1) new share. As of the date hereof the Company has 128,619,475 shares issued and outstanding.

Following the consolidation, it is expected that the Company will have approximately 12,861,948 common shares issued and outstanding. The number of common shares reserved for issuance under the Company's Stock Option Plan will be reduced proportionately. No fractional shares will be issued, but instead will be rounded to the nearest whole common share.

The Company believes that the consolidation is necessary so that the Company will be better positioned to access the equity markets for purposes of advancing the Company's development plans. The Company does not intend to change the corporate name of the Company or its trading symbol.

In conjunction with the share consolidation, the Company also reports that it has arranged a post-consolidation, best efforts, non-brokered private placement of up to 10 million Units at $0.15 per Unit for gross proceeds of up to $1,500,000. Each Unit will consist of one post-consolidated common share of the Company and one share purchase warrant (a "Warrant") with each whole Warrant entitling the holder to acquire an additional common share of the Company at $0.25 per share for a period of 6 months after issuance.

The private placement will consist of multiple closes. The first close will take place upon reaching $500,000 of private placements; the second upon reaching the next $500,000 of private placements; and the third upon reaching the final $500,000 of private placements.

Finders' fees may be payable in cash or common shares of the Company in accordance with Exchange policies.

Net proceeds of the private placement will be applied towards working capital and general corporate purposes.

The proposed share consolidation and the private placement are subject to TSX Venture Exchange acceptance.

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 or the adequacy or accuracy of this release. Certain information provided in this news release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.

Contact Information

  • Azure Resources Corporation
    Dr. Waseem Rahman
    (604) 684-2401
    (604) 684-2407 (FAX)