By Laura Lutz
Washington, Nov. 27 - Uracan Resources Ltd. announced a private placement of units for up to C$3.99 million.
The company plans to sell 5 million flow-through units at C$0.60 each and 1.65 million non flow-through units at C$0.60 each.
Each flow-through unit consists of one flow-through share and one half-share warrant, and each non flow-through share consists of one non flow-through share and one half-share warrant.
Each warrant will be exercisable for one non flow-through share at C$0.80 for two years.
Proceeds will be used for exploration and working capital.
Uracan is a resource exploration company based in Vancouver, B.C.
| Issuer: | Uracan Resources Ltd.
|
| Issue: | Units of one flow-through share and one half-share non-transferable warrant and units of one non flow-through share and one half-share non-transferable warrant
|
| Amount: | C$3.99 million
|
| Pricing date: | Nov. 27
|
| Stock symbol: | TSX Venture: URC
|
| Stock price: | C$0.61 at close Nov. 27
|
|
|
| Flow-through units
|
| Units: | 5 million
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
|
|
| Non flow-through units
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| Units: | 1.65 million
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
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