By Sheri Kasprzak
New York, April 3 - Uranium City Resources Inc. said it intends to raise C$3 million in a private placement through agent Northern Securities Inc.
The offering includes up to 3.75 million flow-through units at C$0.40 each and up to 4,285,714 non flow-through units at C$0.35 each.
The flow-through units consist of one share and one half-share warrant, with each whole warrant exercisable at C$0.45 each for 18 months.
The non flow-through units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.45 each for 18 months.
Proceeds will be used for exploration and development of the company's properties in Saskatchewan and for working capital.
Based in Kirkland Lake, Ont., Uranium City is a uranium exploration company.
| Issuer: | Uranium City Resources Inc.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$3 million (maximum)
|
| Placement agent: | Northern Securities Inc.
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| Pricing date: | April 3
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| Stock symbol: | TSX Venture: UCR
|
| Stock price: | C$0.43 at close April 3
|
|
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| Flow-through units
|
| Units: | 3.75 million (maximum)
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
|
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| Non flow-through units
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| Units: | 4,285,714
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| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
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