Azincourt Energy Corp. (OTC:AZURF) Stock In Focus After First Tranche of Private Placement

The raising of fresh capital by a company is almost always seen as significant news, and yesterday, it was Azincourt Energy Corp. (OTC:AZURF) that came into focus following such an announcement. The company announced yesterday that it had been successful in closing the first tranche of a private placement of the non-brokered variant.

The first tranche consisted of 29143349 flow-through units, which had been offered at the price of $0.035 each, and 670000 non-flow-through units, which had been offered at the price of $0.03 each. The company revealed that it had managed to raise as much as C$1020017.25 from the offering in gross proceeds.

In the news release, it was noted that a flow-through unit was made up of one flow-through common share and a solitary common share purchase warrant. The non-flow-through unit had been comprised of one common share and one warrant. The holder of a warrant would be entitled to pick up a common share in Azincourt Energy Corp. for $0.05 up until December 21, 2026. The company also announced that the gross proceeds from the private placement would be used for the development, drilling, and exploration of two of its properties. One of those is the East Preston Property situated in Saskatchewan, Canada, and the other is the Big Hill Lithium Project in Newfoundland.

Azincourt Energy noted that the proceeds would not be used to make payments to non-arms-length parties or to entities involved in investor relations work on behalf of the company. In relation to the private placement, the company also paid finders’ fees to the tune of $81900.98 and issued as many as 2340028 finder’s warrants. A finder’s warrant could be exchanged for a common share of $0.05 up until December 21, 2026.