Non-brokered deal to fund planned acquisition of Black Range Minerals
By Devika Patel
Knoxville, Tenn., Oct. 16 – Western Uranium Corp. said it will conduct a C$1.5 million non-brokered private placement of units with a 50% greenshoe.
The company will sell about 352,000 units of one common share and one half-share warrant at C$4.25 per unit.
Each whole, five-year warrant will be exercisable at C$5.75, a 15% premium to the Oct. 15 closing share price of C$5.00.
Settlement is expected Oct. 31.
Proceeds will be used for the company's planned acquisition of Black Range Minerals Ltd. and development of its ablation technology, mine rehabilitation and working capital purposes.
The uranium exploration company is based in Vancouver, B.C.
| Issuer: | Western Uranium Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Greenshoe: | 50%, or C$750,000
|
| Units: | 352,000 (approximate)
|
| Price: | C$4.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$5.75
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 16
|
| Settlement date: | Oct. 31
|
| Stock symbol: | CNSX: WUC
|
| Stock price: | C$5.00 at close Oct. 15
|
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