Business
Uranium City Resources Inc. announces increase in offering
Uranium City Resources Inc. announces increase in offering.
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\n\nRKLAND LAKE, ON, April 5 /CNW/ - Uranium City Resources Inc. (\"UCR\" or\nthe \"Company\") (TSX VENTURE: UCR) is pleased to announce that it has increased\nthe offering announced previously on April 3rd, 2006 press release to $4.250\nmillion from $3. million. The offering will now consist of the issuance of up\nto $1.665 million in units (the \"Units\") priced at $0.35 per Unit and up to\n$2.585 million in flow-through units (\"Flow-Through Units) at $0.40 per \nFlow-Through Unit. Each Unit will consist of one common share and one half of\na common share purchase warrant (\"Warrant\"). EACH unit will consist of one\nshare and one half warrant. Each full warrant will entitle the holder to\npurchase one additional common share at $0.40 for a period of 18 months\nfollowing the closing of the offering. Each Flow-Through Unit will consist of\none flow-through share and one half of a Warrant. Each full Warrant will\nentitle the holder to purchase one additional common share at $0.45 for a\nperiod of 18 months following the closing of the Offering.\nThe Agent (Northern Securities) will be entitled to a cash commission\nequal to 7% of the aggregate gross proceeds raised under the Offering. The\nCompany will also grant to the Agent non-assignable warrants (\"Agent\nWarrants\") equal in number to 10% of the number of Units and Flow-Through\nUnits sold under the Offering. The securities issued under the Offering will\nbe subject to a four-month hold period. Each Agent Warrant will entitle the\nholder thereof to acquire one Unit at a price of $0.35 per Unit for a period\nof 18 months following the closing of 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.\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 forward-\nlooking statements are reasonable, undue reliance should not be placed on\nthese forward-looking statements. The TSX Venture Exchange h...