UEX Corporation (TSX:UEX) has closed two of its previously announced private placements for proceeds of $7.25 million. One of the private placements was a placement of flow-through shares, the proceeds of which will be used for exploration at the company’s uranium properties.

As quoted in the press release:

The Company has also closed its additional private placement with Primary and Clarus Securities Inc. (the “Agents”) for 9,523,810 units of the Company at a price of $0.21 per unit (the “Hard Dollar Offering”). Each unit consists of one common share of the Company and one-half common share purchase warrant. Each whole warrant gives the holder the right to purchase a common share of the Company at a price of $0.30 for a period of two years from the closing of the Hard Dollar Offering. The aggregate gross proceeds of the Flow-Through Offering and the Hard Dollar Offering totalled $7.25 million.

The Agents received a cash commission on the sale of the Flow-Through Offering and Hard Dollar Offering equal to 5% of the gross proceeds raised.

UEX intends to use the proceeds of the Flow-Through Offering to fund exploration of the Company’s uranium properties and proceeds from the Hard Dollar Offering are to be put towards general working capital.

The securities issued by UEX in connection with the Flow-Through Offering and Hard Dollar Offering are subject to a four month plus one day “hold period” as prescribed by the Toronto Stock Exchange and applicable securities laws.

Click here for the full press release.

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