Offering finances licensing, permitting activities and working capital
By Devika Patel
Knoxville, Tenn., Nov. 10 - Titan Uranium Inc. said it will conduct a non-brokered private placement of units. The offering will raise C$5 million and has a 15% greenshoe.
The company will sell units of one common share and a warrant at C$0.30 apiece for C$4 million and flow-through units of one flow-through common share and a half-share warrant at C$0.45 apiece for C$1 million.
Each unit warrant will be exercisable at C$0.45 for two years. Each whole flow-through unit warrant will be exercisable at C$0.50 for two years. The strike prices reflect 8.43% and 20.48% premiums to the Nov. 9 closing share price of C$0.415.
Proceeds will be used to advance licensing and permitting activities on the Sheep Mountain project, for exploration of the company's Canadian properties and general working capital.
Located in Saskatoon, Sask., Titan is a uranium exploration company.
| Issuer: | Titan Uranium Inc.
|
| Issue: | Units of one common share and a warrant, flow-through units of one flow-through common share and a half-share warrant
|
| Amount: | C$5 million
|
| Agents: | Non-brokered
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| Pricing date: | Nov. 10
|
| Stock symbol: | TSX Venture: TUE
|
| Stock price: | C$0.435 at close Nov. 10
|
| Market capitalization: | C$46.1 million
|
|
|
| Units
|
| Amount: | C$4 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$0.45
|
|
|
| Flow-through units
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| Amount: | C$1 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
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