OTCQB:UEXCF - Post by User
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GSTbay1060on Nov 18, 2019 7:45pm
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More shares sold
More shares sold
UEX Announces $1.5 Million Private Placement of Flow-Through Common Shares
Saskatoon, Saskatchewan, November 18, 2019 – UEX Corporation (TSX:UEX) (“UEX” or the “Company”) is pleased to announce a non-brokered private placement consisting of up to 12,000,000 common shares that qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (“Flow-Through Common Shares”) at a price of $0.125 per Flow-Through Common Share of the Company for aggregate gross proceeds to the Company of $1.5 million (the “Offering”).
The gross proceeds from the sale of the Flow-Through Common Shares will be used to incur “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) related to UEX’s projects in Saskatchewan. The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2019.
The Offering is scheduled to close on or about November 26, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.