The Conversation (0)
Plateau Uranium (TSXV:PLU) announced a non-brokered private placement for up to C$3,000,000, offering units at C$0.45 per Unit consisting of one common share and one-half of one common share purchase warrant.
As quoted in the press release:
Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of C$0.60 for a period of 18 months following the closing of the Financing. The Company anticipates that insiders of Plateau Uranium will participate in the Financing. Net proceeds from the Financing will be used to update the Company’s previous economic study to incorporate the recently announced larger resource base, complete in-fill diamond drilling of known deposits to increase resource confidence and continuity, complete initial drill testing of at least two prospective surface uranium targets, conduct on-going permitting and environmental programs and for general corporate purposes.
The Company will have the right to accelerate the expiry of the Warrants on 30 days’ written notice if, following 4 months and one day from the issuance of the Warrants, the volume weighted average price of the common shares of the Company exceeds C$0.95 per common share on the TSX Venture Exchange for a period of twenty (20) consecutive trading days.
The Company intends to pay cash finders’ fees to registered dealers of up to 6% in connection with the offering.
The Financing is expected to be completed on or about June 22, 2015 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
Click here to read the Plateau Uranium (TSXV:PLU) press release
Click here to see the Plateau Uranium (TSXV:PLU) profile.