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UEX Closes $7.25 Million Combined Flow-Through and Hard Dollar Private Placements

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UEX Closes $7.25 Million Combined Flow-Through and Hard Dollar Private Placements

 

 

 

 

 

UEX Corporation (TSX:UEX) is pleased to announce that it has closed its previously announced flow-through common share offering and overallotment option with Primary Capital Inc. for 21,000,000 common shares of the Company, which qualify as “flow-through” shares pursuant to the Income Tax Act (Canada) at a price of $0.25 per flow-through share. The Company has also closed its additional private placement with Primary and Clarus Securities Inc. for 9,523,810 units of the Company at a price of $0.21 per unit. Each unit consists of one common share of the Company and one-half common share purchase warrant. Each whole warrant gives the holder the right to purchase a common share of the Company at a price of $0.30 for a period of two years from the closing of the Hard Dollar Offering. The aggregate gross proceeds of the Flow-Through Offering and the Hard Dollar Offering totalled $7.25 million.

 

 

The Agents received a cash commission on the sale of the Flow-Through Offering and Hard Dollar Offering equal to 5% of the gross proceeds raised.

 

 

UEX intends to use the proceeds of the Flow-Through Offering to fund exploration of the Company’s uranium properties and proceeds from the Hard Dollar Offering are to be put towards general working capital.

 

 

The securities issued by UEX in connection with the Flow-Through Offering and Hard Dollar Offering are subject to a four month plus one day “hold period” as prescribed by the Toronto Stock Exchange and applicable securities laws.

 

Posted May 17, 2016

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