Uragold Announces Closing of Private Placement

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[{"type":"text","content":"Uragold Announces Closing of Private Placement(via Thenewswire.ca)\n \n \nDecember 24, 2015 / TheNewswire / Montreal, Quebec Uragold (TSX Venture: UBR) is pleased to announce today that it has completed its previously announced non-brokered private placement consisting of the issuance and sale of an aggregate amount of 8,396,000 units (\"Unit\") at $0.05 per Unit for gross proceeds of $419,800. The net proceeds from the Private Placement will be used for general corporate expenditures and exploration activities.\n\n\n \nEach Unit is comprised of one (1) common share and one (1) common share purchase warrant (\"Warrant\") of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company at an exercise price of $ 0.07 during a period of 36 months from the date of closing of the placement. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement. The placement is subject to standard regulatory approvals. \n\n\n \nMr. Bernard Tourillon, the Chairman, CEO and Director of Uragold, through a wholly owned company, 3245004 Canada Inc., and Mr. Patrick Levasseur, the President, COO and Director of Uragold, through a wholly owned company, Ice Age Gold Corporation have subscribed to 1,390,000 Units and 1,190, 000 Units, respectively. Following the completion of the Private Placement, Mr. Tourillon and 3245004 Canada Inc., taken together, and Mr. Levasseur, and Ice Age Gold Corporation, taken together beneficially own or exercise control or direction over, directly or indirectly, respectively, 5,338,750 Common Shares and 7,257,250 Common Shares, representing approximately 4.84% and 6.58% of the issued and outstanding Common Shares of the Company.\n\n\n \nThe participation of each of Mr. Tourillon and Mr. Levasseur in the Private Placement constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and Policy 5.9 -Protection of Minority Security Holders in Special Transactions of the Exchange. In connection with this related party transaction, the Company is relying on the formal valuation and minority approval exemptions of respectively subsection 5.5(a) and 5.7(1)(a) of MI 61-101 as the ...

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