U3O8 (UWE-V) March 14, '14 has completed its previously announced non-brokered private placement. A further 2,383,384 units at 13 cents per unit were issued on March 13, 2014, for gross proceeds of $309,840. Together with the placement which closed on Feb. 24, 2014, an aggregate of $1,150,039 in gross proceeds were raised through the issuance of a total of 8,846,454 units.
Each unit consisted of one common share of U3O8 and one share purchase warrant. Each warrant entitles the holder to purchase one share at a price of 18 cents for a period of 24 months from the closing date.
All securities issued under the offering are subject to a four-month hold period. Finders' fees of $4,020 were paid in connection with this second closing. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.
The net proceeds of the offering will be used to advance U3O8's Laguna Salada deposit in Argentina as a potential low-cost uranium project and to complete the preliminary economic assessment (PEA) on that project, for exploration projects in Colombia and Guyana, and for general corporate purposes. |
