Business
IsoEnergy Announces Bought Deal Private Placement of FT Shares for C$3.50 Million and a Concurrent Non-Brokered Private Placement of Units purchased by NexGen Energy for C$2.65 Million
VANCOUVER, British Columbia, Nov. 12, 2019 (GLOBE NEWSWIRE) -- IsoEnergy Ltd. (TSX.V: ISO) (“IsoEnergy” or the “Company”) is pleased to announce that the Compan
About this update from Isoenergy Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 12, 2019 (GLOBE NEWSWIRE) -- IsoEnergy Ltd. (TSX.V: ISO) (“IsoEnergy” or the “Company”) is pleased to announce that the Company has entered into an agreement with PI Financial Corp. (the “Underwriter”) for a bought deal private placement to raise aggregate gross proceeds of C$3.50 million (the “Offering” or the “Brokered Financing”) and a non-brokered private placement of Units (as defined below) (the “Non-Brokered Financing”) to raise aggregate gross proceeds of C$2.65 million. Bought Private Placement Under the terms of the Offering, the Underwriter has agreed to purchase 7,778,000 flow-through common shares of the Company (the “FT Shares”) at a price of C$0.45 per FT Share for aggregate gross proceeds of C$3,500,100. The FT Shares will qualify as “flow-through shares” as defined in the Income Tax Act (Canada). The gross proceeds from the sale of the FT Shares will be used for general exploration expenditures. The closing of the Offering is anticipated to occur on or around December 3, 2019 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange. The FT Shares will be offered by way of a private placement pursuant to exemptions from the prospectus requirements to residents of all Provinces of Canada and such other jurisdictions as may be agreed to by the Company and the Underwriter. In consideration for their services, the Underwriter will receive a cash commission equal to 6.0% of the gross proceeds of the Brokered Financing and broker warrants to purchase such number of common shares as is equal to 6.0% of the number of FT Shares issued under the Brokered Financing at an exercise price equal to C$0.45 per common share for a period of 24 months from the closing of the Offering. Non-Brokered Private Placement Under the Non-Brokered Financing, the Company will issue an aggregate of 6,625,000 units (“Units”) at a price of C$0.40 per Unit for aggregate gross proceeds of C$2,650,000. The Non-Brokered Financing will be fully subscribed for by NexGen Energy Ltd. The Units are comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one com...