GoviEx Announces Sprott-Led Private Placement

GoviEx Uranium (TSXV:GXU) has announced it plans to undertake a $3 million private placement with the Sprott group of companies.
As quoted in the press release:

The Company will offer approximately 30,000,000 units (“Units”) at a price of C$0.10 per Unit, with each Unit consisting of one (1) Class A common share and one (1) Class A common share purchase warrant (a “Warrant”) of the Company.
Sprott clients are expected to subscribe for 20,000,000 Units (C$2,000,000) under the Private Placement, which is expected to close on or before Thursday, December 22, 2016.
Govind Friedland, Executive Chairman of the Board said: “We continue to believe in the quality of GoviEx’s expanding portfolio of African uranium projects and that they represent an appealing investment opportunity given their stage of development and the ability of our experienced management team to bring these assets into production. With this financing, we are delighted to welcome the pre-eminent natural resource-focused investment firm Sprott and its clients as investors in GoviEx. Their participation is a testament to GoviEx’s long-term value in the face of a challenging market. Sprott’s lead order represents approximately two thirds of this planned financing, and is a strong vote of confidence for the Company and the uranium sector.”
Each Warrant will entitle the holder to purchase one (1) Class A common share of the Company for 60 months from the closing of the Private Placement at the US$ equivalent price of C$0.20 (the “Warrant Exercise Price”). The United States dollar (“US$”) to Canadian dollar (“C$”) exchange rate for the Warrant Exercise Price will be fixed at closing date of the Private Placement and issuance of the Warrants.

As quoted in the press release.