U308 (TSX:UWE) has announced it is undertaking a non-brokered private placement of up to 33,333,334 units at $0.03 per unit for gross proceeds of approximately $1 million.
As quoted in the press release:
Each Unit shall consist of one common share of U3O8 Corp. (“Share”) and one Share purchase warrant (“Warrant”). Each Warrant shall entitle the holder to purchase one Share at an exercise price of $0.045 for a period of 24 months from the closing date.
The net proceeds will be used principally to advance the Laguna Salada uranium-vanadium deposit toward a pre-feasibility study through:
- Pilot plant test work designed to generate more precise estimates of operating and capital costs than those used in the Preliminary Economic Assessment (“PEA”) that was completed in September 2014; and
- Further exploration of the La Susana and La Rosada discoveries that have been made adjacent to the Laguna Salada Deposit. Demonstrating uranium resource growth potential in these areas is a priority for the advancement of the project because the PEA shows that a larger resource is beneficial: the larger the deposit, the better its economics.
Proceeds will also be used for general corporate purposes. The securities issued and issuable pursuant to the Offering will be subject to a statutory 4-month hold period. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.
Click here to red the full press release.
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