Blue Sky Uranium Corp. (TSX-V:BSK) (FRANKFURT:MAL) (WKN:A0MKXP) is pleased to announce completion of the non-brokered private placement financing of 4,246,755 units for gross proceeds of $1,613,767 announced on August 2, 2016.
Each Unit consists of one common share and one transferrable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at $0.50 per share for two years from the date of issue, expiring on September 19, 2018. If the volume weighted average price for the Company’s shares is $0.80 or greater for a period of 10 consecutive trading days, then the Company may deliver a notice to the warrantholder that the Warrants must be exercised within twenty days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:30 p.m. (Vancouver time) on the twenty-first day after the date of delivery of the Notice. The accelerated exercise provision shall not apply until the expiration of the four-month hold period required under Exchange policies and rules, and securities laws that are applicable to the Company, being January 20, 2017.
Finder’s fees of $6,549.30 are payable in cash on a portion of the private placement to parties at arm’s length to the Company. In addition, 141,386 non-transferable finder’s warrants are issuable. Each Finder’s Warrant entitling a finder to purchase one common share at a price of $0.50 per share for two years from the date of issue, expiring on September 19, 2018. The Finder’s Warrants are also subject to the above accelerated exercise provisions.
The proceeds of the financing will be used for exploration programs on the Company’s projects in Argentina and for general working capital.
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