There has been no news to report, as no work was able to be done this winter. We tried unsuccessfully to finance for the PLN project work in late 2014 and early 2015 and there was no interest even with the 4:1 share consolidation.
We are in the midst of trying to work out where we are going with Azincourt.
It is clear we cannot finance the remaining Year 2 ($1.4M) and the Option payment without suffering sever dilution. We are discussing our options internally and with our partner, Fission 3, to chart our future. The Patterson Lake North project merits are great, but at least for Azincourt, it has fallen on deaf ears in the investing community for the most part.
In this Uranium market the joint venture deal we inherited with Fission is extremely onerous. Before November 2014, it looked like we could do it, and tried to finance, but everything dried up heading into 2015.
We have some decent other projects that we are looking at with far less funding commitments, but they all require funding to some extent. More to come on how we plan to weather this.
We have altogether stopped spending to keep afloat, and we do have some small funding options available, but need something else to excite people again.
Apologies for delayed reply, but our course has yet to be charted.
It has been an unfortunate turn of events, and I apologize for you feeling that you are in the dark. We are really not able to say much more at this point, but we are working on how the company proceeds, and will announce things as they evolve.
Regards,
Ted
Ted OConnor
CEO, President & Director
Azincourt Uranium Inc.
Suite 800, 789 West Pender St
Vancouver, BC, Canada V6C 1H2
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