Company procures funds for 55% earn-in for McFauld's option agreement
By Devika Patel
Knoxville, Tenn., Nov. 15 - UC Resources Ltd. said it plans a non-brokered private placement of units.
The company will raise C$1.2 million by selling 10,090,909 flow-through units of one common share and one half-share warrant at C$0.11 per unit. It also will sell 818,181 units of one common share and one warrant at C$0.11 per unit.
Each whole warrant will be exercisable at C$0.13 for two years, which reflects an 18.18% premium to the Nov. 12 closing share price of C$0.11.
Proceeds will be used to complete the 55% earn-in of the McFauld's option agreement. The remaining funds will be used for airborne geophysical surveys to be immediately followed by drilling.
Based in Vancouver, B.C., UC Resources is a base and precious metals company.
| Issuer: | UC Resources Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
|
| Amount: | C$1.2 million
|
| Price: | C$0.11
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.13
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 15
|
| Stock symbol: | TSX Venture: UC
|
| Stock price: | C$0.12 at close Nov. 15
|
| Market capitalization: | C$18.93 million
|
|
|
| Flow-through units
|
| Amount: | C$1.11 million
|
| Units: | 10,090,909
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$90,000
|
| Units: | 818,181
|
| Warrants: | One warrant per unit
|
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