Business
Uranium Bay announces second financing with the MineralFields Group
(TSX-V Symbol: UBR) MONTREAL, Feb. 25 /CNW Telbec/ - URANIUM BAY RESOURCES INC. (TSX-V: UBR) is p...
About this update from Hpq Silicon Inc
[{"type":"text","content":"\n\n\n\n(TSX-V Symbol: UBR)\n\n\nMONTREAL, Feb. 25 /CNW Telbec/ - URANIUM BAY RESOURCES INC. (TSX-V: UBR)\nis pleased to announce that it has entered an agreement for a non-brokered\nprivate placement in the amount of CND $750,000, for the sale of\n5,000,000 flow-through units ("FT Unit"), at a subscription price of\n$0.15 per FT Unit, to the MineralFields Group and several individual\ninvestors, subject to the final approval of the TSX Venture Exchange.\n\n\nEach FT Unit will consist of one (1) Flow-Through Share and one-half\n(1/2) non-flow-through common share purchase warrant of the Company\n("Warrant"). Of the subscription price of CND $0.15 per FT Unit, the Company\nintends to allocate $0.149 to the price of the Flow-Through Share comprised in\neach FT Unit and $0.001 to the price of the Warrant comprised in each FT Unit.\nEach full Warrant will entitle the holder thereof, during a period of\n24 months from the date of closing of the placement, to purchase, subject to\nadjustment in certain events, one (1) common share at an exercise price of\n$0.25 per Common Share, during an initial period of 12 months from the date of\nclosing of the placement; and at an exercise price of $0.40 during the\nremaining 12 month period. Each share issued will have a mandatory four\n(4) month holding period from the date of the closing of the placement.\n\n\nLimited Market Dealer Inc., of which First Canadian Securities (R) is a\ndivision, will receive a 4% finder's fee paid by way of 200,000 Common shares\nand 10% finder's warrants, which will allow the finder to acquire 500,000 FT\nUnits at an exercise price of CDN $0.15 each on the same terms as the\nSubscriber's Units.\n\n\nMr. Bernard Tourillon, Uranium Bay President and CEO comments: (...) We\nare very pleased to be continuing the relationship with the MineralFields\nGroup, Uranium Bay major strategic partner and largest shareholders (...) the\nsuccessful closing of this financing will give the Corporation around CAD\n$2.5 million in working capital (...) These flow through funds will enable the\nCorporation to start implementing its 2008 exploration program on its\nUskawanis Uranium property (...) This is an important milestone in the growth\nof Uranium Bay and we look forward to continuing to work with the\nMineralFields Group as we develop our holdings in the Pro...