UEX-T increases size of PP to approximately $3 million from $2 million
Sept 19, '14 - NR
UEX is pleased to announce that it has increased the size of its previously announced flow-through common share offering with Raymond James Ltd. Under the Offering, the Agent has agreed to act as agent for the offering of common shares of the Company which will qualify as "flow-through" shares pursuant to the Income Tax Act (Canada) at a price of $0.43 per flow-through share to raise approximately $3,000,000 (previously approximately $2,000,000), on a "best efforts" private placement basis.
Cameco (CCO-T) has a pre-emptive right under the provisions of the agreement dated October 23, 2001 among UEX, Cameco and Pioneer Metals Corporation to purchase shares from UEX on the same terms and conditions as the Offering so as to maintain its current approximate 21.95% ownership interest in UEX.
The Agent will receive a cash commission on the sale of the flow-through shares equal to 5% of the gross proceeds raised.
The Company intends to use the gross proceeds of the Offering to fund exploration of the Company's uranium properties.
Closing of the Offering is anticipated to occur on or about September 29, 2014 and is subject to receipt of applicable regulatory approvals. The securities issued by UEX in connection with the Offering are subject to a four month plus one day "hold period" as prescribed by the Toronto Stock Exchange and applicable securities laws.
The Offering is being made in the provinces of British Columbia, Alberta and Ontario, and other jurisdictions as may be determined between the Company and the Agent, and is subject to the approval of regulatory authorities. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Directors of UEX
"Roger Lemaitre" |
