Closing of C$35.0 Million Bought Deal Private Placement /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Dec. 7, 2021 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to announce that it has closed its previously announced "bought deal" private placement (the "Offering") for gross proceeds of C$35.0 million. Due to significant investor demand, the Offering was upsized from its original gross proceeds of C$25.0 million. Under the Offering, the Company sold 8,750,000 units of the Company (the "Units") at a price of C$4.00 per Unit. The Units were sold through a syndicate of underwriters led by Red Cloud Securities and included Cormark Securities Inc. (collectively, the "Underwriters").
Each Unit is comprised of one common share in the capital of the Company (each, a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire one Common Share at a price of C$6.00 at any time on or before June 7, 2023.
The Company intends to use the net proceeds raised from the Offering for the exploration and development of the Company's Dasa uranium project in the Republic of Niger (the "Dasa Project") and for general working capital and corporate purposes.