Business
Western Uranium Amends the Terms of Previously Announced Non-Brokered Private Placement and Closing of the Private Placement for Gross Proceeds of Cdn$300000
TORONTO, ONTARIO and NUCLA, COLORADO--(Marketwired - Dec. 31, 2015) - Western Uranium Corporation (CSE:WUC) ('Western' or the 'Company') has determined to amend
About this update from Western Uranium & Vanadium Corp.
[{"type":"text","content":" TORONTO, ONTARIO and NUCLA, COLORADO--(Marketwired - Dec. 31, 2015) - Western Uranium Corporation (CSE:WUC) ('Western' or the 'Company') has determined to amend the terms of the previously announced Private Placement. The reason for the amendment is that other financing alternatives such as convertible debt and other funding avenues have been proposed by financiers. Both management and financiers require more time to negotiate agreeable financing terms. The revised offering is a non-brokered private placement of up to Cdn$300,000 on the following terms. Gross Proceeds: Approximately $300,000 in Canadian funds. Offering: Non-brokered private placement of approximately 100000 units. Offering Price: Cdn$2.97 per each common share unit each unit consisting of one (1) common share plus one full common share purchase warrant. Warrants: Each full common share purchase warrant shall entitle the holder to purchase one common share at the exercise price of Cdn$3.50 for a term of 5 years from the closing date of the Offering. Over Allotment Option: The Company may at its discretion sell additional common share units of up to fifty per cent (50%) of the Gross Proceeds of the Offering. Prospectus Exemption: The Offering will only be eligible to be purchased by subscribers who are \"accredited investors\" or who qualify under another exemption from prospectus requirements in the jurisdictions where the Offering is sold. Statutory Hold: All shares issued under the Offering will be subject to a 4 month hold period, as well as any other mandatory hold period(s) imposed under applicable laws and regulations. Use of Proceeds: The proceeds of the Offering will be used for the costs of completion of the Black Range Minerals Limited transaction, the development of the Ablation Technology and for working capital purposes. Finders' Fee: A 5% cash finders' fee may be paid to qualified persons at the discretion of the Company. Closing Date: The Offering will be up to Cdn$300,000 will be closed on or about December 31, 2015. No finders' fees or commissions were paid in connection with this private placement. Formal Closing of the private placement will be on or about January 5 2016. COMMENTS OF GEORGE GLASIER, President & CEO of Western Uranium GEORGE GLASIER, President & CEO of Western Uranium commented as follows: 'As a result of several financ...