Azincourt Uranium Inc. (TSXV:AAZ) announced that it has completed the acquisition of an option to gain an undivided 70-percent stake in the Athabasca Basin-based East Preston project.

As quoted in the press release:

At closing, the Company:

1. paid aggregate cash consideration of $150,000 ($75,000 to each of the optionors Skyharbour Resources Ltd and Clean Commodities Corp.;
2. issued aggregate share consideration of 4,500,000 shares (2,250,000 to each of Skyharbour Resources Ltd and Clean Commodities Corp.) and
3. paid a finders fee to Transcend Capital Inc. of 398,913 shares.

Azincourt may exercise the option by incurring an aggregate of CDN$2,500,000 of staged expenditures and paying an aggregate of CDN$1,000,000 in staged cash payments over four years.

There is an underlying 2% NSR on commercial production from the East Preston Project and AREVA Resources Canada will retain a Right of First Refusal on the any future proposed sale of East Preston.

Click here to read the full Azincourt Uranium Inc. (TSXV:AAZ) press release.