Azincourt Energy Announces Closing of Private Placement
OREANDA-NEWS. AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSXV:AAZ) is pleased to announce that it has completed a non-brokered private placement of 11,033,325 Units (“Units”) of the Company at a price of C$0.15 per Unit for gross proceeds of C$1,655,000 (the “Offering”).
Each Unit is comprised of one common share and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional common share until January 23, 2019 at a price of C$0.22 per common share.
In accordance with securities legislation, all securities issued under the Offering will be subject to a four month hold period expiring on May 24, 2018.
The Company paid cash commissions to eligible finders under the Offering totaling C$70,399.98.
Azincourt will apply the net proceeds of the Offering to advance the Company’s projects and for general working capital purposes.
Final closing of this Offering has been accepted by the TSX Venture Exchange.
In addition, the Company is also pleased to report that it has received an additional C$1,215,009.48 in gross proceeds from the exercise of warrants over the past several weeks.
“Our cash position is now quite strong for a company at our stage of development,” said Alex Klenman, president & CEO. “We have more than enough funds to meet existing work requirements on our lithium and uranium projects for the next year or so, and further, the additional funding means we have upward flexibility in how we approach our work programs and portfolio expansion. Simply put, we can put more dollars into the ground, and into acquisitions,” continued Mr. Klenman.