Azincourt Energy Corp. signed a letter of intent with an arm's-length third-party investor to provide at least C$750,000 in funds for the ongoing winter work program at the East Preston uranium project in Saskatchewan.
Azincourt secured an option to acquire 70% of the property in 2017. The company said Jan. 2 that the letter of intent would satisfy the earn-in requirements for the second year of the joint venture agreement with Skyharbour Resources Ltd. and Clean Commodities Corp.
Under the terms, the investor will earn a 10% interest in the project prior to March 31, which can be bought back by Azincourt for issuing C$750,000 of shares.
The transaction's close is subject to successful due diligence on the project, the negotiation of definitive documentation and the necessary approvals.