By Devika Patel
Knoxville, Tenn., March 23 - Berkeley Resources Ltd. said it plans a A$7 million private placement of shares.
The company plans to sell 14 million ordinary shares at A$0.50 each, along with 7 million free attaching options. The options are exercisable at A$0.75.
Polo Resources Ltd. will buy 10 million shares and 5 million options for A$5 million.
Proceeds will be used for the completion of a feasibility study for Berkeley's Salamanca Regional Uranium Project.
Berkeley is a uranium exploration company based in Perth, Australia.
| Issuer: | Berkeley Resources Ltd.
|
| Issue: | Stock
|
| Amount: | A$7 million
|
| Shares: | 14 million
|
| Price: | A$0.50
|
| Options: | 7 million
|
| Option strike price: | A$0.75
|
| Investor: | Polo Resources Ltd. (for A$5 million)
|
| Pricing date: | March 23
|
| Stock symbol: | Australia: BKY
|
| Stock price: | A$0.54 at close March 23
|
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