AZINCOURT URANIUM ANNOUNCES PROPOSED CONSOLIDATION
Azincourt Uranium Inc.'s board of directors has approved a consolidation of the company's issued and outstanding common shares on the basis of one new common share for every four existing common shares.
Currently, there are 51,640,088 common shares issued and outstanding, and upon completion of the consolidation, there will be approximately 12,910,022 common shares, subject to adjustment for fractional shares.
All outstanding warrants and options will be equitably adjusted, with the number outstanding being reduced by dividing their number by four and their exercise prices being increased by multiplying by four.
The proposed consolidation is subject to TSX Venture Exchange approval.
Azincourt's board and management believe 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 two of its earn-in, and advance the Patterson Lake North property joint venture with Fission 3.
Ted O'Connor, president and chief executive officer of Azincourt, commented: "Azincourt remains committed to completing the year two 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-per-cent 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 Patterson Lake South solidifies the area as one of the most compelling high-grade uranium regions in the world."
Patterson Lake North property
The Patterson Lake North property lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp., where the largest undeveloped high-grade deposit in the Athabasca basin region was recently announced after just two years of drilling. (See Fission Uranium news release dated Jan. 9, 2015.) PLN comprises approximately 27,408 hectares and is located approximately 30 kilometres immediately south of the UEX/AREVA Anne and Collette uranium deposits near Shea Creek.
Azincourt has a staged, four-year option agreement with Fission 3.0 dated April 29, 2013, whereby Azincourt can earn up to a 50-per-cent interest in the PLN project through a combination of option payments and exploration work financing. Approximately $4.7-million has been spent on prior exploration of the property by Fission Uranium. Azincourt has completed year one financing of the option and currently holds a 10-per-cent interest. Fission 3.0 is the operator and project manager.
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