Offering finances exploration and development of Clearwater Property
By Devika Patel
Knoxville, Tenn., July 1 – Uracan Resources Ltd. said on Thursday that it raised C$1.41 million in the first tranche of a C$1.5 million in a non-brokered private placement of stock and units. The deal priced May 24.
The company is selling 20 million flow-through common shares at C$0.05 apiece and 10 million units of one common share and a half-share warrant at C$0.05 per unit. Each whole one-year warrant is exercisable at C$0.10.
In the first tranche, Uracan sold 16 million flow through shares for C$800,000, and 12,127,500 units for C$606,375. Clive Johnson participated for C$325,000, buying 4.5 million units and 2 million shares.
The price per share and per unit represents a 25% premium to C$0.04, the May 23 closing share price. The warrant strike price is a 150% premium to that price.
Proceeds will be used for exploration and development of the Clearwater Property.
Vancouver, B.C.-based Uracan is a natural resource company.
Issuer: | Uracan Resources Ltd.
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Issue: | Flow-through common shares, units of one common share and a half-share warrant
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Amount: | C$1.5 million
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Price: | C$0.05
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Agent: | Non-brokered
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Investor: | Clive Johnson (for C$325,000)
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Pricing date: | May 24
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Settlement date: | June 30 (for C$1,406,375)
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Stock symbol: | TSX Venture: URC
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Stock price: | C$0.04 at close May 23
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Market capitalization: | C$2.88 million
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Shares
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Amount: | C$1 million
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Shares: | 20 million
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Warrants: | No
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Units
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Amount: | C$500,000
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Units: | 10 million
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.10
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