United Battery Metals Corp. (CSE: UBM) (OTC: UBMCF) (FWB: 0UL) announces the closing of its non-brokered private placement financing of 3,762,750 Units, each issued at a price of $0.40 for aggregate gross proceeds of $1,505,100.
Each Unit consists of one common share in the capital of the Company and one-half of one Common Share purchase warrant, whereby each whole Warrant is exercisable for one Common Share at a price of $0.60 per share for a period of 12 months from the date of issuance.
In connection with the Financing, the Company has paid cash finders’ fees to certain finders totaling $35,430 and issued a total of 88,575 finders’ warrants. Each Finder’s Warrant is also exercisable into one Common Share at an exercise price of $0.60 per Common Share for a period of 12 months from the date of issuance.
The net proceeds from the Financing are to be used for continued exploration of the Company’s Wray Mesa vanadium property and for general and administrative expenses. The securities issued pursuant to the Financing (and any securities issued upon the exercise thereof) are subject to a hold period which will expire four months and one day from the date of closing of the Financing.
The Company further announces that 5,085,018 warrants with various expiry dates have been exercised during the current quarter generating proceeds to the Company of $579,776.80.
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