Uranium explorer sells equity to MineralFields in non-brokered deal
By Devika Patel
Knoxville, Tenn., Dec. 6 - Uravan Minerals Inc. said it arranged a non-brokered private placement of units and stock. It will raise C$2.26 million.
The company will sell 5,833,333 units of one flow-through common share and one half-share warrant to the MineralFields Group at C$0.30 each for C$1.75 million. The whole warrants are exercisable until Dec. 1, 2012 at C$0.45 in the first year and at C$0.55 in the second year. The warrant strike prices represent 4.65% and 27.91% premiums, respectively, to the Dec. 3 closing share price of C$0.43.
The company also will sell 1.7 million flow-through common shares at C$0.30 each for C$510,000. The price per share is a 30.23% discount to the Dec. 3 closing share price.
Proceeds will be used to finance potential uranium opportunities and for working capital and general corporate purposes.
"This is an important milestone in the growth of Uravan Minerals Inc., and we look forward to working with MineralFields Group as we develop our holdings in the Athabasca and Thelon Basin region," president and chief executive officer Larry Lahusen said in a company news release.
Uravan is a Calgary, Alta.-based uranium exploration company.
| Issuer: | Uravan Minerals Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant, flow-through common shares
|
| Amount: | C$2.26 million
|
| Agent: | Non-brokered
|
| Investor: | MineralFields Group (for C$1.75 million)
|
| Pricing date: | Dec. 6
|
| Stock symbol: | TSX Venture: UVN
|
| Stock price: | C$0.43 at close Dec. 3
|
| Market capitalization: | C$11.48 million
|
|
|
| Units
|
| Amount: | C$1.75 million
|
| Units: | 5,833,333
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 1, 2012
|
| Warrant strike price: | C$0.45 in the first year, C$0.55 in the second year
|
|
|
| Shares
|
| Amount: | C$510,000
|
| Shares: | 1.7 million
|
| Price: | C$0.30
|
| Warrants: | No
|
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