Non-brokered deal has ‘strong investor response,’ CEO says in release
By Devika Patel
Knoxville, Tenn., June 3 – Plateau Uranium Inc. said it increased a non-brokered private placement of units to C$3.4 million from C$3 million. The deal priced on May 29.
“We are encouraged by the strong investor response to the private placement,” chief executive officer Ted O'Connor said in a press release. “We look forward to moving ahead with our planned program to advance the Macusani Plateau uranium project in Peru and are excited to have the support of both new and existing shareholders as we enter into the next phase of development.”
The company will now sell 7,555,556 units of one common share and a half-share warrant at C$0.45 per unit.
Each whole warrant is exercisable at C$0.60 for 18 months. The strike price is a 27.66% premium to the May 28 closing share price of C$0.47.
Proceeds will be used to update the company's previous economic study to incorporate a larger resource base, for in-fill diamond drilling, initial drill testing, permitting and environmental programs and general corporate purposes.
Toronto-based Plateau Uranium is a uranium exploration company.
| Issuer: | Plateau Uranium Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3.4 million
|
| Units: | 7,555,556
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | May 29
|
| Settlement date: | June 22
|
| Stock symbol: | TSX Venture: PLU
|
| Stock price: | C$0.47 at close May 28
|
| Market capitalization: | C$13.96 million
|
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