Offering will finance planned acquisition of Black Range Minerals
By Devika Patel
Knoxville, Tenn., June 29 – Western Uranium Corp. said it plans a $2.5 million private placement of units with a 50% greenshoe.
The company will sell about 1,909,855 units of one common share and one warrant at C$1.70 per unit.
Each five-year warrant will be exercisable at C$2.80, a 19.15% premium to the June 28 closing share price of C$2.35.
Proceeds will be used for the company’s planned acquisition of Black Range Minerals Ltd. and development of its ablation technology, mine production preparation and working capital purposes.
The uranium exploration company is based in Vancouver, B.C.
| Issuer: | Western Uranium Corp.
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| Issue: | Units of one common share and one warrant
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| Amount: | $2.5 million
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| Greenshoe: | 50%, or $1.25 million
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| Units: | 1,909,855 (approximate)
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| Price: | C$1.70
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$2.80
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| Pricing date: | June 29
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| Stock symbol: | CSE: WUC
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| Stock price: | C$2.35 at close June 28
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