Company procures funds for 55% earn-in for McFauld's option agreement
By Devika Patel
Knoxville, Tenn., Dec. 27 - UC Resources Ltd. said it completed an oversubscribed non-brokered private placement of units. The deal priced for C$1.2 million on Nov. 15 and was increased to C$1.5 million on Nov. 29; the offering raised C$1.79 million on Dec. 24.
The company sold a total of 16,278,635 units of one common share and one half-share warrant at C$0.11 per unit. The MineralFields Group bought 6,863,635 units for C$755,000.
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: | Units of one common share and one half-share warrant
|
| Amount: | C$1,790,650
|
| Units: | 16,278,635
|
| Price: | C$0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.13
|
| Agent: | Non-brokered
|
| Investor: | MineralFields Group (for C$755,000)
|
| Pricing date: | Nov. 15
|
| Upsized: | Nov. 26
|
| Settlement date: | Dec. 24
|
| Stock symbol: | TSX Venture: UC
|
| Stock price: | C$0.12 at close Nov. 15
|
| Market capitalization: | C$15.93 million
|
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