GoviEx Uranium Inc. (TSX-V: GXU) (OTCQB: GVXXF) today announced that, further to its news release of December 18, 2017, it has closed its private placement financing. In aggregate, the Company issued a total of 21,541,880 units at a price of C$0.25 per unit, for gross proceeds to the Company of C$5,385,470.

The net proceeds from the Private Placement will be used to continue exploration and development activities on the Company’s mineral assets, and for general working capital and corporate purposes. The funds also may be used in connection with the potential resolution of the uranium loan Tranche B Bond with Toshiba Corporation.

All securities issued under this Private Placement will be subject to a customary hold period and may not be traded before April 23, 2018. In addition, securities issued to subscribers in the United States will be subject to a hold period under the Securities Act of 1933 (the “1933 Act“) and can only be resold in strict compliance with the applicable exemptions from the registration requirements of the 1933 Act.

Each Warrant shall entitle the holder to purchase one Class A common share of the Company for a period of 24 months at US$0.28 until December 22, 2018, and thereafter at US$0.31 until December 22, 2019.

GoviEx insiders subscribed for a total of C$20,000 or 80,000 units. The Company paid finders’ fees of approximately C$30,625.  

The Private Placement remains subject to the final acceptance of the TSX Venture Exchange.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

About GoviEx Uranium

GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its other uranium properties in Africa.