VANCOUVER, British Columbia, Feb. 08, 2018 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V:AAZ) is pleased to announce it has signed a non-binding letter of intent (“LOI”) with BullRun Capital Inc., to acquire the BullRun Erythrite Project, a prospective Cobalt property located six kilometres northwest of the town of Cobalt, Ontario.
The BullRun Erythrite Project covers approximately 652 acres adjacent to Cruz Cobalt’s Bucke Cobalt Project and Brixton Metals’ Silver-Cobalt Project.
“We’ve been looking into adding a potential cobalt property as we grow our project portfolio, so we’re pleased to move to LOI on this,” said Alex Klenman, president and CEO. “We are going to immediately begin a comprehensive due diligence process to gain as much understanding as we can on the potential of the project, and we hope to progress to the definitive stage in due course. In addition, we are actively reviewing other potential projects that will continue to strengthen the Company in the growing clean energy space. We haven’t filled our want list yet, so we remain very active on the acquisition front,” continued Mr. Klenman.
In consideration for the acquisition of the project from BullRun Capital, the Company has agreed to issue 1,000,000 common shares.
Completion of the transaction with BullRun Capital is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation in respect of the transaction, and the receipt of any required regulatory approvals, including the approval of the TSX Venture Exchange. The transaction cannot be completed until these conditions are satisfied. Any securities issued in connection with the transaction will be subject to a four-month-and-one-day statutory hold period from the time of issuance.
