Deal funds exploration, development of Black Lake, Pipewrench projects
By Devika Patel
Knoxville, Tenn., Jan. 28 - Uracan Resources Ltd. said it raised C$413,000 in the second tranche of a C$1.65 million non-brokered private placement of stock and units. The deal priced for C$1.5 million on Nov. 19 and raised C$1.24 million on Dec. 24.
The company sold 7.36 million flow-through common shares at C$0.10 apiece and 9,163,500 units of one common share and a half-share warrant at C$0.10 per unit. Each whole one-year warrant is exercisable at C$0.15.
In the first tranche, Uracan sold 6.83 million flow-through shares and 5,563,500 units. It sold 530,000 flow-through shares and 3.6 million units in the second tranche.
The price per share and per unit represents an 11.11% premium to C$0.09, the Nov. 18 closing share price. The warrant strike price is a 66.67% premium to that price.
Proceeds will be used for exploration and development of the Black Lake Project and the Pipewrench Lake Project, as well as for general working capital.
Vancouver, B.C.-based Uracan is a natural resource company.
Issuer: | Uracan Resources Ltd.
|
Issue: | Flow-through common shares, units of one common share and a half-share warrant
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Amount: | C$1,652,350
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Price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | Nov. 19
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Settlement dates: | Dec. 24 (for C$1,239,350), Jan. 28 (for C$413,000)
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Stock symbol: | TSX Venture: URC
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Stock price: | C$0.09 at close Nov. 18
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Market capitalization: | C$4.94 million
|
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Shares
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Amount: | C$736,000
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Shares: | 7.36 million
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Warrants: | No
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Units
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Amount: | C$916,350
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Units: | 9,163,500
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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$0.15
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