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Source: Azincourt Energy
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  • The company is issuing units, flow-through units and charitable flow-through units for gross proceeds of approximately $7.6 million
  • The majority of the financing is being placed with institutional investors
  • The fully subscribed offering is expected to close on or about September 29, 2021
  • Red Cloud has been retained to trade shares of Azincourt on the TSXV to maintain a reasonable market and improving the liquidity of Azincourt’s shares
  • Azincourt Energy is a Canadian-based resource company specializing in the exploration and development of alternative energy/fuel projects
  • Azincourt Energy Corp. (AAZ) is down 10.53 per cent, trading at C$0.085 per share at 3:15 pm ET

Azincourt Energy (AAZ) is pleased to announce a fully-subscribed non-brokered private placement for gross proceeds of approximately $7.6 million.

The company is issuing units at a price of $0.07, flow-through units at a price of C$0.075 and flow-through units to be sold to charitable buyers at a price of C$0.093.

Red Cloud Securities Inc. is acting as a finder in connection with the offering. The majority of the financing is being placed with institutional investors.

Each unit will consist of one common share and one share purchase warrant. Each FT Unit and Charity FT Unit will consist of one common share to be issued as a “flow-through share” within the meaning of the Income Tax Act and one warrant. Each warrant will entitle the holder to purchase one share for $0.10 for a period of 36 months following the closing of the offering.

The gross proceeds from the issuance of the FT Shares will be focused on the continued development of the East Preston Uranium Project located in the western Athabasca Basin in Saskatchewan, Canada.

The net proceeds from the sale of units will be used for working capital and general corporate purposes.

The closing of the offering is expected on or about September 29, 2021.

Finder’s fees will be payable in accordance with the policies of the TSX Venture Exchange. All securities issued will be subject to a hold period of four months and one day in accordance with applicable securities laws.

Red Cloud has been retained to trade shares of Azincourt on the TSXV for the purposes of maintaining a reasonable market and improving the liquidity of Azincourt’s common shares. The agreement between Red Cloud and the company may be terminated by either party with written notice of 30 days. Azincourt has agreed to pay Red Cloud $5,000 per month during the term.

Azincourt Energy is a Canadian-based resource company specializing in the exploration and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements.

Azincourt Energy Corp. (AAZ) is down 10.53 per cent, trading at C$0.085 per share at 3:15 pm ET.

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