Azincourt Uranium Announces Changes in Management, Proposed Share Consolidation, and Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 21, 2015) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Azincourt Uranium Inc. (the "Company") (TSX VENTURE:AAZ) announces that the board of directors have approved a consolidation of the Company's issued and outstanding common shares on the basis of one (1) new common share for every two (2) existing common shares (the "Consolidation").

The Consolidation will affect all shareholders uniformly (except for the treatment of post consolidated fractional common shares, as noted below) and will not affect any shareholder's proportional ownership interest in the Company. The principal effects of the Consolidation will be that the number of common shares issued and outstanding will be reduced from approximately 12,910,020 pre-consolidation common shares outstanding as of the date hereof to approximately 6,455,010 post-consolidated common shares.

No fractional post-consolidation common shares will be issued. Any fractional common shares resulting from the Consolidation will be rounded down to the nearest whole common share. The exercise or conversion price and the number of common shares issuable under any convertible securities of the Company will be proportionately adjusted to account for the Consolidation. The completion of the Consolidation is subject to the approval of the TSX Venture Exchange ("TSX-V").

Furthermore, the Company announces that Terrence O'Connor has resigned as President and Chief Executive Officer of the Company but remains in his capacity as a director. The Company is pleased to announce that Paul Reynolds has been appointed Chief Executive Officer of the Company. The Company also announces that Ian Burns has resigned as a director of the Company. The Company would like to thank Mr. Burns for his contribution to the Company.

Upon receipt of approval from the TSX-V for the Consolidation, the Company will proceed with a non-brokered private placement of up to 4,000,000 common shares (the "Shares") at $0.05 per Share for gross proceeds of up to $200,000 (the "Offering").

Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX-V. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The proceeds from the Offering will be used for general working capital.

ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.

J. Ian Stalker, Chairman

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact

Azincourt Uranium Inc.
800 - 789 West Pender Street
Vancouver, BC V6C 1H2
info@azincourturanium.com
www.azincourturanium.com