Business
Uranium Bay private placement
(TSX-V Symbol: UBR) MONTREAL, Feb. 25 /CNW Telbec/ - Further to its February 19, 2008 press relea...
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/ - Further to its February 19, 2008 press\nrelease, Uranium Bay is pleased to announce that it is proceeding with the\nclosing of its non brokered private placement for a maximum amount of\n$748,000. The private placement comprise of 6,800,000 units priced at\n$0.11 per unit. As of today, the Corporation has received subscription\nagreement for a total consideration of $ 675,400. Each unit consists of one\ncommon share and one half of one warrant. Each full warrant will entitle the\nholder to purchase one common share at $0.20 during the 12-month period that\nwill follow the date of the closing. The common shares and warrants comprising\nthe units are subject to a hold period of 4 months following the date of the\nclosing.\n\n\nIn connection with the placement, different intermediaries and agents\nwill receive a maximum finder's fee of $59,840. Funds from the private\nplacement will be used to finance exploration projects of the Corporation and\ngeneral corporate purposes.\n\n\nMr. Bernard Tourillon, UBR's President and CEO comments: (...) Uranium\nBay already has over 100% of the minimum amount committed (...) the successful\nclosing of this financing will give the Corporation a working capital around\nCAD $1.8 million (...) These funds will enable the Corporation to plan its\n2008 exploration program on its Uskawanis Uranium property (...)\n\n\nAbout Uranium Bay Resources Inc.\n\n\nUranium Bay Resources Inc. is a Canadian based junior resource and\nexploration company trading under the symbol UBR on the TSX Venture Exchange.\nThe Company has 67,048,642 shares outstanding, (73,188,642 when the private\nplacement closes). The Company holds 100% of several U3O8 mineral exploration\nproperties including the 314 km(2) Uskawanis Uranium property located just\nsouth of the Opinaca reservoir, the 90 km(2) Kauschiskach Uranium property\nlocated just 100 km NE of Radisson in the Quebec James Bay area of northern\nQuebec, and the five properties totalling 197 claims covering the Lac Georges\n(100 claims), Lac Forget (24 claims), Ruisseau Lebrun (38 claims), Maurice\n(19 claims) and Bloc extension 06 (16 claims) properties located in the\nWakeham area, in eastern Quebec. In addition, the Corporation subsidiary,\nEragon Resources Inc., is the owner of the Namibian concessions k...