U308 Closes First Tranche of Non-Brokered Private Placement

U308 (TSX:UWE) has announced that it has closed the first tranche of its previously announced non-brokered private placement financing for gross proceeds of $640,000 from the sale of 21,333,333 units.
As quoted in the press release:

Each Unit consists of one common share of U3O8 Corp. (“Share”) and one Share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Share at an exercise price of $0.045 until September 13, 2018. The securities issued and issuable pursuant to the Offering will be subject to a statutory 4-month hold period from the date of issuance.
The Company expects to complete the remaining portion of the Offering, being the sale of up to an additional 12,000,001 Units, pursuant to a second tranche closing on or about October 9, 2016.
The net proceeds of the Offering will be used for the purposes described in the Company’s press release of August 31, 2016.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Click here to read the full press release.