Azincourt to Undertake $1,500,000 Private Placement
December 3, 2013 (Source: Marketwired) — 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) a Saskatoon based uranium exploration company, announces that it intends to undertake a non-brokered private placement to raise aggregate gross proceeds of up to $1,500,000. The financing will be effected through the sale of up to 5,555,555 units (the “Units) at a price of $0.27 per Unit.
Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a “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$0.40 per common share, subject to the Company’s right to accelerate the exercise of the Warrants if the volume weighted average price of the common shares of the Company on the TSX Venture Exchange exceeds C$0.60 per common share for a period of ten (10) consecutive trading days between the date that is between 4 months and 1 day following the issuance of the Warrants and the expiry date of the Warrants.
The net proceeds of the private placement will be used to advance the Company’s projects in Canada and Peru, subject to the closing of the acquisition of Minergia SAC, and for general working capital purposes.
The Company expects to pay finders’ fees in connection with the offering, in accordance with TSX Venture Exchange policies.
Closing of the private placement is subject to receipt of TSX Venture Exchange approval.
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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. Its common shares are listed on the TSX Venture Exchange under the symbol “AAZ”.
ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.
Ted O’Connor, CEO and President
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>