Azincourt Energy Corp. said Feb. 20 that it signed a nonbinding letter of intent to acquire 99.5% of the issued share capital of private company Guevan Petroleum Co. SA, which owns the Macusani-Cuzco lithium-uranium project covering approximately 30,000 hectares in southeastern Peru adjacent to Plateau Uranium Inc.'s Macusani Plateau project.

As payment, the company will issue 4 million shares over 12 months.

The completion of the deal is subject to a number of conditions, including the completion of due diligence.