Azincourt Energy completes $1.03 million private placement

Azincourt Energy Corp. (TSXV: AAZ) (OTCQB: AZURF) completed a non-brokered private placement raising gross proceeds of $1,031,000, the company announced December 23.

The company issued 20,620,000 units at $0.05 per unit under the Listed Issuer Financing Exemption. Each unit consists of one common share and one warrant exercisable at $0.07 per share until December 23, 2028.

Azincourt paid $53,500 in finder's fees and issued 1,070,000 finder's warrants exercisable at $0.07 per share for 36 months. The company plans to use proceeds for general working capital and exploration activities at its Harrier Project in Newfoundland and Labrador.

The securities are not subject to a hold period in Canada under applicable securities laws. The offering was conducted under Part 5A of National Instrument 45-106 for purchasers in Canada and other qualifying jurisdictions.

Azincourt implemented a previously announced share consolidation on a six-to-one basis effective December 23. All share references in the announcement reflect post-consolidation numbers.

The Vancouver-based company focuses on uranium, lithium and other critical clean energy element projects. Azincourt operates the Harrier Project in Labrador's Central Mining Belt and the East Preston uranium project in Saskatchewan's Athabasca Basin.

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