AZARGA URANIUM CORP. (TSX:AZZ) (OTCQB:AZZUF) (FRA:P8AA) has closed its non-brokered private placement, previously announced on the 13th and 14th of April 2020, for gross proceeds of approximately $1.6 million through the issuance of 10,933,333 units at a price of $0.15 per Unit. The Financing was strongly supported by institutional investors.
Each Unit consists of one common share of the Company and one-half of one Share purchase warrant. One Warrant entitles the holder thereof to purchase one Share of the Company at a price of $0.20 per Share for a period of three years from closing. The Shares issued in connection with the Financing are subject to a four-month and a day hold period. The Financing is subject to the final approval of the Toronto Stock Exchange.
In connection with the Financing, the Company paid cash finder’s fees of $34,400.
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 (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 draft Class III and Class V Underground Injection Control permits from the Environmental Protection Agency and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA.
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We acknowledge the [financial] support of the Government of Canada.