Offering will finance planned acquisition of Black Range Minerals
By Devika Patel
Knoxville, Tenn., Sept. 2 – Western Uranium Corp. said it raised $61,499 in a second and final tranche of a $1.83 million private placement of units. The deal priced for $2.5 million with a 50% greenshoe on June 29 and raised $1.77 million on Aug. 19.
The company sold 1,078,458 units of one common share and one warrant at C$1.70 per unit. It sold 1,042,282 units in the first tranche and 36,176 units in the second.
Each five-year warrant is 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, for mine production preparation and for 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 warrant
|
| Amount: | $1,833,379
|
| Units: | 1,078,458
|
| Price: | $1.70
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$2.80
|
| Pricing date: | June 29
|
| Settlement dates: | Aug. 19 (for $1,771,879), Sept. 2 (for $61,499)
|
| Stock symbol: | CSE: WUC
|
| Stock price: | C$2.35 at close June 28
|
| Market capitalization: | C$45.39 million
|
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