Northern Uranium (UNO-V) Aug 7, '14 has closed on the first tranche of the financing for a total of $600,000. The second tranche is expected to close in approximately one month. The first tranche consists of $500,000 in flow-through shares at 10 cents per share and $100,000 of non-flow-through units at 10 cents per unit. Each unit comprises a share and one-half of a two-year warrant at 15 cents. In connection with the issuance of the units the company paid finders' fees of $8,000 and issued 80,000 finders' warrants having the same terms as the warrants forming part of the units. All securities are subject to a four-month hold period expiring Dec. 7, 2014.
The proceeds from this financing will be used to commence the company's summer drill program at its flagship Maguire Lake project. Exceptionally anomalous radon results combined with geophysical surveys including magnetic, electromagnetic, induced polarization and gravity surveys, and the results of extensive prospecting, which has located boulders containing up to 66 per cent U3O8, have identified 39 high-priority land targets and seven high-priority and five medium priority lake targets. The upcoming drill program will commence testing the high-priority land-based targets.
President and chief executive officer Chad Ulansky states: "We are looking forward to our drill program testing targets generated from the culmination of nearly $10-million worth of exploration on our claim blocks. The results to date support the presence of high-grade mineralization within the Maguire Lake area."
Northern Uranium has optioned the northwest Manitoba project from Canalaska Uranium Ltd. and has the ability to acquire up to an 80-per-cent interest in the project.
The technical information and results reported here have been reviewed by Chad Ulansky, PGeo, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release. |
