UEX Increases Private Placement to $3 Million

UEX Corporation (TSX:UEX) has increased the size of its previously announced private placement to raise approximately $3 million. UEX intends to use proceeds from the offering to fund exploration at its uranium properties.

As quoted in the press release:

Under the Offering, the Agent has agreed to act as agent for the offering of common shares of the Company which will qualify as “flow-through” shares pursuant to the Income Tax Act (Canada) at a price of $0.43 per flow-through share to raise approximately $3,000,000 (previously approximately $2,000,000), on a “best efforts” private placement basis.

Cameco Corporation (“Cameco”) has a pre-emptive right under the provisions of the agreement dated October 23, 2001 among UEX, Cameco and Pioneer Metals Corporation to purchase shares from UEX on the same terms and conditions as the Offering so as to maintain its current approximate 21.95% ownership interest in UEX.

Click here to read the UEX Corporation (TSX:UEX) press release