AZARGA URANIUM CORP. (TSX:AZZ) (OTCQB:AZZUF) (FRA:P8AA) is pleased to announce that it has closed its previously announced over-subscribed bought deal prospectus offering of units of the Company. Haywood Securities Inc. and Eight Capital acted as co-lead underwriters of the Offering. Pursuant to the Offering, the Company issued a total of 30,000,000 units of the Company at a price of C$0.20 per Unit for gross proceeds to the Company of C$6,000,000.
Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one half of one Common Share purchase warrant. Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.28 until 31 December 2022. The Units were offered by way of a short form prospectus in each of the provinces of British Columbia, Alberta and Ontario.
In connection with the Offering, the Underwriters received a cash commission of 6.0% of the gross proceeds of the Offering.
The Company plans to use the net proceeds from the Offering to fund exploration and development expenditures at the Company’s projects, including its flagship Dewey Burdock Project, to repay outstanding loans and for general working capital and corporate purposes.
The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and were not offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Azarga Uranium Corp.
Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America (“USA”) (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA, which is the Company’s initial development priority, has received its Nuclear Regulatory Commission License and final Class III and Class V Underground Injection Control permits from the Environmental Protection Agency and the Company is in the process of completing other regulatory permit approvals necessary for the construction of the Dewey Burdock Project.
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We acknowledge the [financial] support of the Government of Canada.