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Azincourt Resources Inc. (TSXV:AAZ) has been granted approval by the TSX Venture Exchange to earn up to a 50% interest in Fission Uranium Corp.’s Patterson Lake North project. The Company also announced the closing of a $1,500,000 private placement. Azincourt Resources has also applied for a change of its name to Azincourt Uranium Inc.
As quoted in the press release:
The Company has the right to acquire incremental interests in the PLN by making annual payments to FCU and incurring minimum work expenditures on the PLN project. To acquire the first 10% interest, the Company must pay FCU $500,000 ($100,000 paid to date and the balance to be paid on closing) and incur $1,500,000 of work on the PLN project.
The Company announces that it has closed its private placement and issued an aggregate of 10,000,000 common shares (the “Shares”) at $0.15 per share for gross proceeds of $1,500,000. The Shares are subject to a four-month hold period expiring October 19, 2013. The proceeds of the private placement will be used by the Company to fund its first year work expenditures on its PLN project.
The Company has made application to the TSX Venture Exchange to change its name to Azincourt Uranium Inc. to more clearly reflect its new business and commitment to developing the PLN project. The Company’s ticker symbol remains TSXV:AAZ.
Click here to read the Azincourt Resources Inc. (TSXV:AAZ) press release
