Azincourt arranges 1:4 share rollback, unit financing

Executive Summary

• Azincourt Energy Corp. announced a non-brokered private placement under the Listed Issuer Financing Exemption (LIFE) for a minimum of 15 million units and a maximum of 30 million units.
• The offering is priced at $0.05 per unit, generating gross proceeds between $750,000 and $1.5 million.
• The transaction is accompanied by a 1-for-4 share consolidation, reducing the outstanding share count from approximately 516 million to roughly 129 million shares.

Key Details

• Financing Structure: Non-brokered private placement under the Listed Issuer Financing Exemption (LIFE) pursuant to National Instrument 45-106.
• Units Offered: Minimum of 15,000,000 units; Maximum of 30,000,000 units.
• Price: $0.05 per unit.
• Gross Proceeds: Minimum of $750,000; Maximum of $1,500,000.
• Warrant Terms: Each unit includes one common share purchase warrant. Each warrant entitles the holder to purchase one post-consolidation common share at an exercise price of $0.07. Warrants expire 36 months after the closing date.
• Use of Proceeds: General working capital and exploration activities at the Harrier project in Newfoundland and Labrador.
• Insider Participation: The company does not anticipate insider participation in the offering.
• Share Consolidation: A 1-for-4 consolidation of common shares authorized by the Board of Directors.
• Pre-Consolidation Share Count: 516,358,032 common shares outstanding.
• Post-Consolidation Share Count (Pre-Offering): Approximately 129,089,508 shares outstanding.
• Regulatory Conditions: Closing is subject to approval by the TSX Venture Exchange and completion of the share consolidation.
• Hold Period: Securities are not subject to a hold period under applicable Canadian securities laws.
• Finder’s Fees: The company may pay finders' fees to eligible third parties assisting with the offering.

Notable Quotes

• None provided in the text.