Azincourt Energy, the Canadian-based resource company, announced this Wednesday the completion of the final tranche of its non-brokered private placement, which issued more than 65 million non-flow-through units (NFT) at a price of $0,05 per NFT unit.
Firstly, the company kneaded gross proceeds of $3,245,000; adding the tranche 1 and 2 of the procedure, the company has $4,241,500; form which a single institutional investor accounted for $1,850,000 of the final tranche.
Secondly, Azincourt Energy also issued 2,000,000 flow-through units (FT Unit) at a price of $0.05 per FT Unit, for an additional $100,000.
Thirdly, each NFT and FT units consist of one common share of the company, and also one common share purchase warrant. This means that each warrant entitles the holder to acquire an additional common share at a price of $0.07; until March 3, 2026.
In addition, all of this capital will be injected in to Azincourt’s exploration projects, as well as for general working capital purposes. Specifically, the FT units will be used to finance Canadian exploration expenses.
Also recommended for you: Global energy-related CO2 emissions in 2020: the largest decline since World War II – IEA
Azincourt Energy with presence in Peru
Moreover, “it is anticipated that expenditures will largely be focused on continuation of the Company’s diamond drilling program; at the East Preston uranium project, located in the western Athabasca basin, Saskatchewan, Canada.” The company underlines.
On the other hand, Azincourt highlights that “all securities issued in connection with the private placement are subject to a statutory hold period; in accordance with applicable securities laws until July 4, 2021.”
It also underlines that regarding this final tranche completion, the company has paid more than $80,000; and also issued more than 4 million warrants to “certain arms-length third-parties who assisted in introducing subscribers to the Company.”
Finally, Azincourt Energy, which specializes in exploration and development of alternative energy sources, is currently active in Canada and Peru. Specifically, in the Athabasca Basin, in Saskatchewan; and on the Picotani Plateau in southeastern Peru.