Azincourt Energy Corp (OTC:AZURF) Stock Surges 9%: What’s The Buzz?
The week started off with hundreds of companies coming into the news cycle for one reason or another, and one such company was Azincourt Energy Corp. (OTC:AZURF). In light of the announcement made by the company, it could be a good move to take a closer look.
The company made an announcement yesterday with regards to a non-brokered private placement for the purpose of raising gross proceeds to the tune of as much as a maximum of C$ 2,000,000. The company revealed that it would raise the proceeds by offering flow-through units for the price of C$0.035 each. Additionally, non-flow-through units would also be offered, which would be priced at C$0.03 each.
It was further revealed that each flow-through unit would be made up of a solitary flow-through common share and a common share purchase warrant. A non-flow-through unit would consist of one common share in Azincourt Energy Corp. and a single warrant. The company also revealed that each warrant could be exercised by the holder and converted to a common share for the price of C$0.05 up until 36 months since the date of issue.
It was also announced in the news release that the proceeds from the offering would be used by Azincourt Energy Corp. to finance the exploration, drilling, and development of its Preston Property and the Big Hill Lithium Project. The proceeds would not be used for payments to non-arms-length entities or to those individuals involved in investor relations work.
However, it was noted that the company would pay a finders’ fee in relation to the offering as per the relevant securities laws and policies of the TSX Venture Exchange. Additionally, the securities that would be offered as part of the placement would also be subject to a hold period as per the relevant securities laws.
