AZINCOURT URANIUM INC. ("Azincourt" or the "Company") (TSX VENTURE:AAZ) announces that, further to its news release dated March 28, 2017, it has completed the acquisition of an option to acquire an undivided seventy per cent (70%) interest in the East Preston Project located in the highly prospective western Athabasca basin (the "East Preston Project").
At closing, the Company:
- paid aggregate cash consideration of $150,000 ($75,000 to each of the optionors Skyharbour Resources Ltd and Clean Commodities Corp.;
- issued aggregate share consideration of 4,500,000 shares (2,250,000 to each of Skyharbour Resources Ltd and Clean Commodities Corp.) and
- 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.
The Company will provide a detailed follow up news release summarizing the proposed work program on the East Preston Project once determined.