Azincourt Energy arranges $1-million private placement

Executive Summary

• Azincourt Energy Corp. has arranged a non-brokered private placement to raise up to $1 million in gross proceeds.
• The offering consists of flow-through (FT) units priced at 2.5 cents each, with proceeds designated for the drilling, exploration, and development of the Harrier project in Newfoundland and Labrador.
• The transaction includes specific tax incentives, requiring the company to incur eligible resource exploration expenses equal to the gross proceeds by December 31, 2026, which will be renounced to purchasers by December 31, 2025.

Key Details

• Gross Proceeds: Up to $1,000,000.
• Offering Structure: Non-brokered private placement of flow-through (FT) units.
• Price per Unit: 2.5 cents.
• Unit Composition: Each FT unit comprises one flow-through common share and one common share purchase warrant.
• Warrant Terms: Each warrant is exercisable at a price of 5 cents into one common share for a period of 36 months from the date of issue.
• Use of Proceeds: Drilling, exploration, and development of the Harrier project (Central mineral belt, Newfoundland and Labrador, Canada).
• Restrictions on Use: Proceeds will not be used for payments to non-arm's-length parties or for investor relations activities.
• Hold Period: Securities are subject to a hold period of four months and one day from the closing date.
• Closing Conditions: Subject to necessary approvals, including conditional approval of the TSX Venture Exchange.
• Tax Treatment: FT shares qualify under Subsection 66(15) of the Income Tax Act (Canada).
• Renunciation Schedule: Qualifying expenditures (Canadian exploration expenses and flow-through critical mineral mining expenditures) equal to the gross proceeds will be incurred or deemed incurred on or before December 31, 2026, and renounced to initial purchasers with an effective date no later than December 31, 2025.