Azincourt Energy plans private placement and share consolidation

Azincourt Energy Corp. (TSXV: AAZ) (OTCQB: AZURF) announced plans for a non-brokered private placement to raise between $750,000 and $1.5 million through the sale of 15 million to 30 million units priced at $0.05 each.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional shares at $0.07 within 36 months of closing. The company stated that insiders do not plan to participate in the offering.

The Vancouver-based company will use proceeds for general working capital and exploration activities at its Harrier Project in Newfoundland and Labrador. The offering operates under the Listed Issuer Financing Exemption for Canadian residents outside Quebec, with securities not subject to hold periods under Canadian securities laws.

Azincourt's board authorized a one-for-four share consolidation in connection with the placement. The company currently has 516,358,032 shares outstanding, which would decrease to approximately 129,089,508 shares following the consolidation but before the offering completion.

Both the private placement and share consolidation require approval from the TSX Venture Exchange. The company may pay finders' fees to third parties who assist with introducing subscribers to the offering.

Azincourt focuses on acquiring and developing alternative energy projects, including uranium and lithium properties. The company operates the East Preston uranium project in Saskatchewan's Athabasca Basin and the Snegamook uranium project in Labrador's Central Mining Belt.

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