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U3O8 Corp. Announces Closing of Up-Sized Non-Brokered Private Placement, Securities for Debt Transaction and Amendments to Warrant Terms
Toronto, Ontario--(Newsfile Corp. - October 22, 2018) -   U3O8 Corp. ( TSX: UWE ) ( OTCQ...
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[{"type":"text","content":"U3O8 Corp. Announces Closing of Up-Sized Non-Brokered Private Placement, Securities for Debt Transaction and Amendments to Warrant TermsToronto, Ontario--(Newsfile Corp. - October 22, 2018) -  U3O8 Corp. (TSX: UWE) (OTCQB: UWEFF) (\"U3O8 Corp.\" or the \"Company\") is pleased to announce that further to its news release dated October 1, 2018, it has completed its previously announced non-brokered private placement. Due to increased investor demand, the Company increased the size of the private placement to $573,500 from $400,000. The Company issued 2,294,000 units (\"Units\") at a price of $0.25 per Unit, for total gross proceeds of $573,500 (the \"Offering\"). Each Unit consists of one (1) common share in the capital stock of U3O8 Corp. (\"Common Share\") and one (1) common share purchase warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.40 per Common Share until the date which is thirty-six (36) months following the closing date of the Offering, whereupon the Warrants will expire. Proceeds of the Offering will be used for metallurgical test work on the Company's Laguna Salada uranium-vanadium deposit in Argentina, for general corporate and administrative purposes, and to enable the Company to consider exercising its right to maintain its 39% holding in the private frac sand company, South American Silica Corp. (\"SAS\"), should SAS undertake a private placement in light of positive developments in the frac sand industry. In connection with the Offering, the Company paid to certain eligible finders compensation consisting of cash commissions of $7,000 and 28,000 compensation warrants (\"Broker Warrants\"). The Broker Warrants will be exercisable into Common Shares of the Company at $0.40 and will be valid for a period of twenty-four (24) months from the date of closing of the Offering. All securities issued and issuable pursuant to the Offering are subject to a four month and one day statutory hold period. Closing of the Offering is subject to the receipt of all regulatory approvals, including the Toronto Stock Exchange.Securities for Debt Transaction The Company has agreed to settle outstanding cash debts in the amount of $51,500 to certain service providers and former employees (the \"Creditors\") through the issuance of an aggregate of 206,000 Units at a price of $0.25...