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UEX closes C$6.01mln in financings with Sprott Capital Partners

Tuesday, February 28, 2017 14:02
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UEX Corporation (TSE:UEX) said on Tuesday it has closed its flow-through common share offering with Sprott Capital Partners, a division of Sprott Private Wealth LP, for 6.7mln common shares of the company.

The company intends to use the gross proceeds of the unit offering for general working capital.

The shares qualify as flow-through shares under the Income Tax Act (Canada) at a price of 30 cents per flow-through share.

The proceeds of the flow-through share offering will be used to finance exploration of the company’s uranium properties as qualifying Canadian exploration expenses as defined in Subsection 127(9) of the Income Tax Act (Canada) which will be renounced to the subscribers with an effective date of Dec. 31, 2017.

The company has also closed its additional private placement with Sprott for 15,999,994 units of the company at a price of 25 cents per unit. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to purchase a common share of the company at a price of 42 cents for a period of three years from the closing of the unit offering. The aggregate gross proceeds of the flow-through offering and the unit offering totalled C$6.01mln.

The agent received a cash commission on the sale of the flow-through offering and unit offering equal to 6% of the gross proceeds raised. The agent also received broker warrants equal to 3% of the total number of units and flow-through shares sold, each broker warrant being exercisable for a common share at 30 cents for a period of two years from the date of closing.

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