Azincourt Energy Closes $5.1M Private Placement and Announces 2.5-TO-1 Share Consolidation
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AZINCOURT ENERGY CLOSES $5.1M PRIVATE PLACEMENT
AND ANNOUNCES 2.5-TO-1 SHARE CONSOLIDATION
Vancouver B.C., March 31, 2022 – AZINCOURT ENERGY CORP. (“Azincourt” or the
“Company”) (TSX.V: AAZ, OTCQB: AZURF, FSE: A0U2) is pleased to announce that it has closed a
non-brokered private placement with certain institu tional investors for pro ceeds of C$5,101,000 (the
“Offering”).
In connection with closing of the Offering, the Company has issued 63,762,500 flow-through units (each,
a “FT Unit”). Each FT Unit was offered at a price of $0.08. Each FT Unit consists of one common
share and one share purchase warrant entitling the holder to acquire an additional common share of the
Company at a price of $0.10 until March 31, 2024.
The gross proceeds from the Offering will be used for Canadian exploration expenses (within the
meaning of the Income Tax Act (Canada)), which will be renounced w ith an effective date of no later
than December 31, 2022, to the purchasers of the FT Units. If the qualifying expenditures are reduced
by the Canada Revenue Agency, the Company will in demnify each subscriber of FT Units for any
additional taxes payable by such s ubscriber as a result of the Co mpany's failure to renounce the
qualifying expenditures. It is expected that funds from the Offering will be applied directly to the current
drill program at the East Preston uranium project, and the upcoming initial drill program at the Hatchet
Lake uranium project, both located in Athabasca basin, Saskatchewan, Canada.
All securities issuab le in connection with the Offering are subject to a statutory hold period, in
accordance with applicable securiti es laws, until August 1, 2022. In connection with closing of the
Offering, the Company paid find ers’ fees totaling $320,000 and issu ed 1,025,000 finder’s shares and
5,025,000 finders’ warrants. Each finders’ warran t is exercisable into one common share of the
Company at a price of $0.10 until March 31, 2024.
Share Consolidation
The Company also announces that its board of directors has approved a restructuring of the
Company though a consolidation of its outstanding common share capital (the “Share Consolidation”)
on the basis of one (1) post-Share Consolidation common share for every two and one-half (2.5) pre-
Share Consolidation common shares outstanding.
Assuming completion of the Share Consolidati on on a 2.5-for-1 basis, the Company would
have approximately 227,000,000 common shares outstan ding. Completion of the Share Consolidation
remains subject to the approval of the TSX Venture Exchange. The Share Consolidation is expected to
be implemented on or before April 15, 2022, and the Company will provide further information on the
effective date of the Share Consolidation once confirmed.
Any fractional interest in common shares resulting from the Share Consolidation will be rounded down
to the nearest whole common share. Registered shareholders will receive a letter of transmittal from TSX
Trust Company, Azincourt’s transfer agent, with information on how to replace their old share
certificates with the new share certificates. Brokerage firms will handle the replacement of share
certificates on behalf of their shareholder’s accounts.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource co mpany specializing in the strategic acquisition,
exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other
critical clean energy elements. The Company is currently active at its majority controlled joint venture
East Preston uranium project in the Athabasca Ba sin, Saskatchewan, Canada, and the Escalera Group
uranium-lithium project located on the Picotani Plateau in southeastern Peru.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“Alex Klenman”
Alex Klenman, President & CEO
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”, including forecasts, estimates, expectations
and objectives for future operations 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 . Such forward-looking information represents
management’s best judgment based on information currently available. No forward-looking statement
can be guaranteed, and actual future results may vary materially.
For further information please contact:
Alex Klenman, President & CEO
Tel: 604-638-8063
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com