Company sells up to 20 million common shares in non-brokered offering
By Devika Patel
Knoxville, Tenn., March 1 – European Uranium Resources, Ltd. said it will raise between C$1.5 million and C$2 million in a non-brokered private placement of stock conducted in connection with its acquisition of a 60% initial interest in the Unkur Copper-Silver Project in Russia.
The company also plans to consolidate its shares on a 10:1 basis.
European Uranium will sell between 15 million and 20 million post-consolidated common shares at C$0.10 per share, a 900% premium to the Feb. 29 closing share price of C$0.01.
Settlement is expected May 9.
Proceeds will be used for exploration on the new project.
The uranium exploration and development company is based in Vancouver, B.C. It intends to change its name to Azarga Metals Corp.
| Issuer: | European Uranium Resources, Ltd.
|
| Issue: | Common stock
|
| Amount: | C$1.5 million (minimum), C$2 million (maximum)
|
| Shares: | 15 million (minimum), 20 million (maximum)
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | March 1
|
| Settlement date: | May 9
|
| Stock symbol: | TSX Venture: EUU
|
| Stock price: | C$0.01 at close Feb. 29
|
| Market capitalization: | C$989,140
|
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