By Devika Patel
Knoxville, Tenn., Oct. 21 - Uracan Resources Ltd. announced it plans a C$4 million private placement of units.
The company will sell 13,333,334 units at C$0.30 apiece. The units consist of one share and one half-share warrant. Each whole warrant will be exercisable at C$0.50 for 18 months.
Proceeds will be used to continue development of the company's Quebec and Saskatchewan properties and for 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$4 million
|
| Units: | 13,333,334
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Pricing date: | Oct. 21
|
| Stock symbol: | TSX Venture: URC
|
| Stock price: | C$0.315 at close Oct. 20
|
| Market capitalization: | C$29.6 million
|
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