Business
European Uranium Resources Increases Size of Financing
European Uranium Resources Increases Size of Financing Vancouver, British Columbia CANADA, N...
About this update from Azarga Metals Corp.
[{"type":"text","content":"European Uranium Resources Increases Size of FinancingEuropean Uranium Resources Increases Size of Financing\nVancouver, British Columbia CANADA, November 07, 2013 /FSC/ - European Uranium Resources Ltd. (EUU: TSX-V; EUUNF: OTCQX; TGPN: Frankfurt),provides an update on the previously announced financing through Global Resources Investments Ltd (\"GRIL\").  \nFurther to the Company's news release of October 11, 2013, the Company announces it has re-negotiated its private placement with GRIL.  The Company will now be seeking to raise $1,250,000 through the sale of 12,500,000 common shares at $0.10 per share.  GRIL will own approximately 19.3% of EUU after this transaction, on a non-diluted basis.  These EUU shares will be subject to a 4-month hold period.\nGRIL has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth.  GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc. (\"GRIT\") and seek admission of its ordinary shares on the main market for listed securities on the London Stock Exchange.  \nIn consideration for acquiring the Company's shares, GRIT will issue and deliver to the Company, 751,744 ordinary shares of GRIT at 1.00 British Pound per share (the \"GRIT Shares\").  The Company will then sell the GRIT Shares from time to time in accordance with applicable securities laws in order to generate cash, through the facilities of the London Stock Exchange.  These private placement proceeds will be used to advance the Company's Kuriskova uranium project in Slovakia, for working capital and general corporate purposes.\nClosing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange.\nA commission is payable in GRIT shares in respect of this transaction.\nAREVA has waived its right to elect to purchase additional shares of EUU on the same terms as this financing.\nAbout European Uranium Resources Ltd.\nEuropean Uranium Resources Ltd. is a dedicated European uranium exploration and development company that has built a...