Upsizing of Bought Deal Private Placement to C$18.0 Million Not for distribution to United States Newswire Services or for dissemination in the United States
TORONTO, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Consolidated Uranium Inc. (“CUR” or the “Company”) (TSXV: CUR) (OTCQB: CURUF) is pleased to announce that due to significant demand, the Company and Red Cloud Securities Inc. (“Red Cloud”), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters”), have agreed to increase the size of the private placement previously announced on October 29, 2021 from C$15,000,325 to C$18,000,000. Under the revised private placement, the Underwriters have agreed to purchase for resale 6,792,453 units of the Company (the “Units”) at a price of C$2.65 per Unit (the “Unit Price”) on a “bought deal” private placement basis for gross proceeds of C$18,000,000 (the “Offering”). Each Unit shall be comprised of one common share in the capital of the Company (each, a “Unit Share”) and one half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one common share of the Company (each, a “Warrant Share”) at a price per Warrant Share of C$4.00 at any time on or before the date which is 24 months after the closing date of the Offering.
The Company has granted the Underwriters an option to purchase for resale up to 755,000 additional Units at the Unit Price to raise additional gross proceeds of up to C$2,000,750 (the “Over-Allotment Option”). The Over-Allotment Option will be exercisable in whole or in part, up to 48 hours prior to the closing of the Offering.
The net proceeds raised from the Offering will be used for general working capital purposes. The Offering is scheduled to close on or about November 22, 2021 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 listing of the Unit Shares and Warrant Shares on the TSX Venture Exchange (the “TSXV”).
This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State of the United States in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
https://www.globenewswire.com/news-release/2021/11/01/2324271/0/en/International-Consolidated-Uranium-Announces-Upsizing-of-Bought-Deal-Private-Placement-to-C-18-0-Million.html