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Azincourt Uranium Inc. (TSXV:AAZ) announced that its board of directors has approved a consolidation of shares of the company on a four-to-one basis. Additionally, all outstanding warrants and options will be equitably adjusted.
As quoted in the press release:
Azincourt’s board and management believes the share consolidation is necessary, and is in the best interest of shareholders as it will improve Azincourt’s ability to attract new investors and to raise the additional capital necessary to complete Year 2 of its earn-in, and advance the Patterson Lake North property joint venture with Fission 3.
Azincourt president and CEO, Ted O’Connor, said:
Azincourt remains committed to completing the Year 2 of our earn-in at PLN alongside our partner, Fission 3.0 and following this necessary share consolidation, we are continuing our financing efforts to fund the remaining $1.5 million required under the JV agreement, to earn 20% project interest in PLN. The shallow basement uranium mineralization and positive results encountered in the summer drilling combined with new targets generated on the two untested areas highlight PLN is an exciting project. The success and large resource identified by Fission Uranium at Paterson Lake South solidifies the area as one of the most compelling high-grade uranium regions in the world.
Click here to read the Azincourt Uranium Inc. (TSXV:AAZ) press release
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