U3O8 Announces Non-Brokered Private Placement to Advance Laguna Salada Uranium-Vanadium Project

U3O8 Corp. (OTCMKTS:UWEFF) announced that it is undertaking a non-brokered private placement of up to 24 million units at a price of $0.025 per unit for gross proceeds of approximately $600,000.
As quoted in the press release:

Dr. Keith Barron, founder, major shareholder and director of the Company, will provide a lead order of $243,000. In addition, an affiliate of DSC Advisors, LP, plans to take up $150,000 of the Offering, and an affiliate of Extract Advisors LLC, a further $150,000.
Each Unit shall consist of one common share of U3O8 Corp. (“Share”) and one Share purchase warrant (“Warrant”). Each Warrant shall entitle the holder to purchase one Share at an exercise price of $0.035 for a period of 36 months from the closing date.
The net proceeds will be used to fund ongoing work on advancing the Laguna Salada uranium-vanadium deposit in Argentina towards a pre-feasibility study. The Preliminary Economic Assessment (“PEA”) completed in September 2014 showed that the economics of the project benefit from a larger resource, and a proportion of the funding is planned for further exploration of discoveries already made adjacent to Laguna Salada. In addition, work is also planned for an initial pilot plant designed to provide more detail on costs associated with mining and processing of uranium-vanadium – bearing gravels from the project – and this data would be available for incorporation in a future pre-feasibility or full feasibility study. Funds would also be used to maintain the Berlin project in Colombia in good standing, and for general corporate purposes.

Click here to read the full U3O8 Corp. (OTCMKTS:UWEFF) press release.