AZINCOURT ENERGY CORP. announced it has signed a non-binding letter of intent (“LOI”), dated April 4, 2022, with Oberon Uranium Corp. (“Oberon”), an arms-length party, for a proposed transaction wherein Oberon would be granted an option to acquire the Escalera Group, a 100%-owned series of uranium-lithium exploration projects (collectively, the “Projects”), located in southern Peru.

series of uranium-lithium exploration projects (collectively, the “Projects”), located in southern Peru. Completion of the transaction with Oberon is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive terms and 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.