By Devika Patel
Knoxville, Tenn., Dec. 21 - Uracan Resources Ltd. announced it has completed a C$7.72 million non-brokered private placement of units. The deal priced Dec. 6 for C$6 million.
The company sold 12.86 million units at C$0.60 apiece. It planned to sell 10 million units at that price. Each unit consists of one share and one half-share warrant. Each whole warrant is exercisable at C$1.00 for two years. A portion of the units may be issued on a flow-through basis.
Proceeds will be used for exploration and working capital.
Vancouver, B.C.-based Uracan is a natural resource company.
| Issuer: | Uracan Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,716,000
|
| Units: | 12.86 million
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 21
|
| Stock symbol: | TSX Venture: URC
|
| Stock price: | C$0.56 at close Dec. 6
|
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