Business
Uranium City Resources Inc. announces further increase in offering
Uranium City Resources Inc. announces further increase in offering.
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\n\nRKLAND LAKE, ON, April 6 /CNW/ - Uranium City Resources Inc. (\"UCR\" or\nthe \"Company\") (TSX VENTURE: UCR) is pleased to announce that it has further\nincreased the offering previously announced in its April 3rd and April 5th\n2006 press releases to $4.830 million. The offering will now consist of the\nissuance of up to $1.965 million of units (the \"Units\") priced at $0.35 per\nUnit and up to $2.865 million of flow-through units (\"Flow-Through Units) at\n$0.40 per Flow-Through Unit. Each Unit will consist of one common share and\none half of one common share purchase warrant (a \"Series A Warrant\"). Each\nfull Series A Warrant will entitle the holder to purchase one additional\ncommon share at $0.40 for a period of 18 months following the closing of the\noffering. Each Flow-Through Unit will consist of one \"flow-through\" share and\none half of one common share purchase warrant (a \"Series B Warrant\"). Each\nfull Series B Warrant will entitle the holder to purchase one additional\ncommon share at $0.45 for a period of 18 months following the closing of the\noffering.\nNorthern Securities Inc. will act as agent for the offering (the \"Agent\")\nand will be entitled on closing 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.\nEach Agent Warrant will entitle the holder thereof to acquire one Unit at a\nprice of $0.35 per Unit for a period of 18 months following the closing of the\noffering.\nThe securities issued under the offering will be subject to a four-month\nhold period.\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.\n\nForward looking statements:\nThis news release contains certain forward-looking statements. These\nforward-looking statements are subject to a variety of risks and uncertainties\nbeyond UCR's ability to control or predict, which could cause actual events or\nresults to differ materially from those anticipated in such forward-looking\nstatements. Although UCR believes that the assumptions inherent in the\nforward-looking statements are reasonable, undue...