By Devika Patel
Knoxville, Tenn., Sept. 5 - Union Resources Ltd. announced it plans a A$2.03 million private placement of shares.
The company plans to sell 101,500,000 shares at A$0.02 apiece to three of the company's largest shareholders, Lundin Mining AB (for 24 million shares), RAB Special Situations (Master) Fund Ltd. (for 75 million shares) and Kestrel Assets Ltd. (for 2.5 million shares).
Proceeds will be used for working capital to finance the company's ongoing operations, both in Australia and in Iran.
Because shares were issued at a higher A$0.027 under Union Resources' recent share purchase plan offer, the company will offer bonus shares to shareholders who participated in the plan to compensate for the higher subscription price they paid. Details of the offer will be announced.
Based in Brisbane, Australia, Union Resources is a mineral exploration company.
| Issuer: | Union Resources Ltd.
|
| Issue: | Stock
|
| Amount: | A$2.03 million
|
| Shares: | 101,500,000
|
| Price: | A$0.02
|
| Warrants: | No
|
| Investors: | Lundin Mining AB (for 24 million shares), RAB Special Situations (Master) Fund Ltd. (for 75 million shares), Kestrel Assets Ltd. (for 2.5 million shares)
|
| Pricing date: | Sept. 5
|
| Stock symbol: | ASX: UCL
|
| Stock price: | A$0.02 at close Sept. 4
|
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