Non-brokered offering is being conducted on a best-efforts basis
By Devika Patel
Knoxville, Tenn., Feb. 8 - Tigris Uranium Corp. said it has arranged a non-brokered private placement of units. The deal priced for C$8 million on Feb. 2 and will now raise C$8.8 million.
The company will now sell 11 million units of one common share and one half-share warrant at C$0.80 apiece on a best-efforts basis. Each whole warrant is exercisable at C$1.10 for 18 months.
The strike price is a 23.6% premium to the Feb. 1 closing share price of C$0.89.
Proceeds will be used for exploration and development of the company's New Mexico uranium properties and for general working capital purposes.
Based in Vancouver, B.C., Tigris is a uranium explorer.
Issuer: | Tigris Uranium Corp.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$8.8 million
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Units: | 11 million
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Price: | C$0.80
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.10
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Agent: | Non-brokered
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Pricing date: | Feb. 2
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Upsized: | Feb. 8
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Stock symbol: | TSX Venture: TU
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Stock price: | C$0.89 at close Feb. 1
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Market capitalization: | C$41.51 million
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