The week kicked off with hundreds of companies coming into focus for one reason or another, and hence, it is important for investors to be selective with regards to the companies they track today. One company that could be worth following today is Azincourt Energy Corp. (OTC:AZURF). Yesterday, it came into the news cycle after the company announced the successful closure of the first tranche of a non-brokered private placement.
In the placement, Azincourt Energy Corp. offered 10714356 flow-through units for the price of $0.035 each and raised gross proceeds to the tune of $375,002.50. Additionally, Azincourt Energy Corp. also announced that it had upsized the offering and would look to generate aggregate gross proceeds to the tune of $500,000. In the news release, it was announced that each flow-through unit was made up of one flow-through common share and one common share purchase warrant. The holder of a warrant would be able to pick up a common share in Azincourt Energy Corp. for a price of $0.05 up until 36 months from the date of the offering.
The company also revealed that the gross proceeds from the placement would be used to finance the exploration, development, and drilling activities at the East Preston property of Azincourt Energy Corp. The property is situated in the Athabasca zone of Saskatchewan, Canada. The proceeds would also go towards the exploration, drilling, and development work at the Big Hill Lithium Project, situated in south-western Newfoundland. It was also specified that the proceeds would not be used to make payments to non-arm’s length persons or parties who may conduct investor relations work. Azincourt Energy Corp. also paid a finder’s fee to the tune of $21000.18 and issued as many as 350000 finder’s warrants in relation to the offering.
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