Business
Uranium City Resources Inc. announces $3 million offering
Uranium City Resources Inc. announces $3 million offering.
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\n\nUCR:TSX-V\n\nRKLAND LAKE, ON, April 3 /CNW/ - Uranium City Resources Inc. (\"UCR\" or\nthe \"Company\") (TSX VENTURE: UCR) is pleased to announce that it has entered\ninto an agreement to raise up to $3 million (the \"Offering\") by way of a\nbrokered private placement on a best efforts basis with Northern Securities\nInc. acting as Agent. The offering will consist of the issuance of up to $1.5\nmillion in units (the \"Units\") priced at $0.35 per Unit and up to $1.5 million\nin flow-through units (\"Flow-Through Units) at $0.40 per Flow-Through Unit.\nEach Unit will consist of one common share and one half of a common share\npurchase warrant (\"Warrant\"). Each Flow-Through Unit will consist of one flow-\nthrough share and one half of a Warrant. Each full Warrant will entitle the\nholder to purchase one additional common share at $0.45 for a period of 18\nmonths following the closing of the Offering.\nThe Agent will be entitled to a cash commission equal to 7% of the\naggregate gross proceeds raised under the Offering. The Company will also\ngrant to the Agent non-assignable warrants (\"Agent Warrants\") equal in number\nto 10% of the number of Units and Flow-Through Units sold under the Offering.\nThe securities issued under the Offering will be subject to a four-month hold\nperiod. Each Agent Warrant will entitle the holder thereof to acquire one Unit\nat a price of $0.35 per Unit for a period of 18 months following the closing\nof the Offering.\nThe proceeds will be used for exploration and development purposes of the\nCompany's land holdings in Northern Saskatchewan as well as for general\nworking purposes.\nThe Company conducted its initial exploration campaign during 2005. An\nairborne VTEM survey was flown in April 2005 in order to confirm known targets\nand establish the potential of delineating new targets and extensions.\nGeochemical surveys were conducted throughout the summer field season in order\nto confirm and prioritise targets determined by the airborne survey. In\naddition, rock samples were taken (grabs and chips samples) from some of the\nknown uranium showings through UCR's land holdings. Two drilling campaigns\nwere conducted at the Contact Lake and Fish Hook uranium projects. Drilling\nresults were encouraging - values from Contact Lake established anomalous\nvalues of Uranium; values from Fish ...