Azincourt Uranium (AAZ.V) has announced it closed a financing raising a total of C$1.65M of which C$1.3M was raised by issuing 4.3 million flow-through units at C$0.30 and C$350,000 in hard cash by issuing almost 1.4 million units at C$0.27 per unit. Every unit contained one half of a warrant valid for 18 months with an exercise price of C$0.40. CEO Ted O’Connor participated in the private placement and purchased an additional 44,000 units. The flow-through funds will obviously be used to fund the exploration program at Patterson Lake North.

Azincourt also issued an update on its exploration activities at Patterson Lake where the past winter program was aimed to confirm and gain more knowledge of three EM conductors on the property. Almost 2,000 meters was drilled in seven holes and although the levels of radioactivity were quite limited, CEO Ted O’Connor is upbeat about the drill program, as the lithology and alteration confirm the prospectivity of the areas. The final results of this winter’s drill program will be used to determine new high-priority drill targets. Approximately $6.3M has been spent on exploration at PLN right now, of which $4.7M was spent by Fission between 2004 and 2008.

> Click here to read the press release

Disclosure: The author holds a long position in Azincourt Uranium. Azincourt is a sponsor of the website. Please see our disclaimer for current positions.

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