Azincourt Energy Closes $5.1M Private Placement and Announces 2.5-to-1 Share Consolidation

Azincourt Energy Closes $5.1M Private Placement and Announces 2.5-to-1 Share Consolidation

Not for distribution to United States Newswire Services or for dissemination in the United States

Azincourt Energy Corp. (" Azincourt " or the " Company ") (TSX.V: AAZ, OTCQB: AZURF, FSE: A0U2) is pleased to announce that it has closed a non-brokered private placement with certain institutional investors for proceeds of C$5,101,000 (the " Offering ").

In connection with closing of the Offering, the Company has issued 63,762,500 flow-through units (each, a " FT Unit ").  Each FT Unit was offered at a price of $0.08.  Each FT Unit consists of one common share and one share purchase warrant entitling the holder to acquire an additional common share of the Company at a price of $0.10 until March 31, 2024.

The gross proceeds from the Offering will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), which will be renounced with an effective date of no later than December 31, 2022, to the purchasers of the FT Units.  If the qualifying expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable by such subscriber as a result of the Company's failure to renounce the qualifying expenditures. It is expected that funds from the Offering will be applied directly to the current drill program at the East Preston uranium project, and the upcoming initial drill program at the Hatchet Lake uranium project, both located in Athabasca basin, Saskatchewan, Canada.

All securities issuable in connection with the Offering are subject to a statutory hold period, in accordance with applicable securities laws, until August 1, 2022. In connection with closing of the Offering, the Company paid finders' fees totaling $320,000 and issued 1,025,000 finder's shares and 5,025,000 finders' warrants.  Each finders' warrant is exercisable into one common share of the Company at a price of $0.10 until March 31, 2024.

Share Consolidation

The Company also announces that its board of directors has approved a restructuring of the Company though a consolidation of its outstanding common share capital (the " Share Consolidation ") on the basis of  one (1) post-Share Consolidation common share for every two and one-half (2.5) pre-Share Consolidation common shares outstanding.

Assuming completion of the Share Consolidation on a 2.5-for-1 basis, the Company would have approximately 227,000,000 common shares outstanding. Completion of the Share Consolidation remains subject to the approval of the TSX Venture Exchange. The Share Consolidation is expected to be implemented on or before April 15, 2022, and the Company will provide further information on the effective date of the Share Consolidation once confirmed.

Any fractional interest in common shares resulting from the Share Consolidation will be rounded down to the nearest whole common share. Registered shareholders will receive a letter of transmittal from TSX Trust Company, Azincourt's transfer agent, with information on how to replace their old share certificates with the new share certificates. Brokerage firms will handle the replacement of share certificates on behalf of their shareholder's accounts.

About Azincourt Energy Corp.

Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its majority controlled joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.

ON BEHALF OF THE BOARD OF Azincourt Energy Corp.

"Alex Klenman"
Alex Klenman, President & CEO

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.

For further information please contact:

Alex Klenman, President & CEO
Tel: 604-638-8063
info@azincourtenergy.com

Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC V6C 2V6
www.azincourtenergy.com


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Azincourt Energy to Conduct Summer Exploration Program at the Big Hill Lithium Project, Newfoundland

Azincourt Energy to Conduct Summer Exploration Program at the Big Hill Lithium Project, Newfoundland

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Azincourt Energy Corp. (TSXV: AAZ) (OTCQB: AZURF Alex Klenman, CEO & President, speaks about the company's East Preston Project and its significant potential.

Azincourt Energy Corp.(TSXV: AAZ) (OTCQB: AZURF)

https://azincourtenergy.com/

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109196

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For more information, please view the InvestmentPitch Media "video" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Azincourt" in the search box.

Azincourt previously had an option to acquire its 70% interest through an agreement with Skyharbour Resources Ltd. and Dixie Gold Inc. with both companies now holding 15%. To earn its majority interest, Azincourt completed $2.5 million in staged exploration expenditures and paid a total of $1 million in cash payments over the previous four years.

Multiple prospective conductive, low magnetic signature corridors have been discovered on the property.

These distinct corridors have a total strike length of more than 25 kilometers, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.

The 2021 exploration program will be a minimum of 10 to 12 diamond drill holes, totalling 2,000 to 2,500 meters and is expected to begin this weekend, with drilling starting in the AB-Zone and continuing southwest along the G-Zone. Drilling in the A zone suggests this structural corridor hosts significant graphitic packages within strongly sheared and faulted host lithologies, indicating an environment conducive to fluid movement and uranium deposition.

The program is based on a compilation of results from the 2019 and 2020 drill programs, 2018 through 2020 ground-based EM and gravity surveys, and property wide VTEM and magnetic surveys. The 2020 HLEM survey completed in December indicates multiple prospective conductors and structural complexity along the eastern edge of this corridor.

Alex Klenman, President and CEO, stated: "Naturally, we're eager to get the drill program underway. The most exciting part of what we do is drilling. We're only 12 holes into East Preston, and to date the data generated is suggesting we're getting closer to a potential discovery. The data is strong, and it is reflected through multiple exploration activities that essentially stack on top of one another. This coincidental layering creates very strong targets. We have dozens of targets to test, we're really only scratching the surface."

Azincourt is also developing the Escalera Group which consists of three concessions covering a combined area of 7,400 hectares of prospective exploration targets for uranium and lithium in the Puno district of southeastern Peru.

For more information, please visit the company's website www.AzincourtEnergy.com, contact Alex Klenman, President & CEO, at 604-638-8063 or email info@AzincourtEnergy.com.

About InvestmentPitch Media

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75313

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