US$19 million private placementNorthwestern announces completion of Niger Uranium's US$19 million private placement
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TORONTO, Aug. 1 /CNW/ - Northwestern Mineral Ventures Inc. (TSX-V: NWT)
is pleased to announce the completion of the previously announced private
placement of shares of its joint venture company with UraMin, Niger Uranium
Limited, to raise gross proceeds of US$19 million, with Haywood Securities
(UK) Ltd. as agent. The proceeds of this private placement will be used to
fund the activities of Niger Uranium to advance eight uranium concessions in
Niger. Niger Uranium now has a treasury in excess of US$30 million.
In the financing, Niger Uranium issued 19,090,000 shares at a price of
50 pence per share. Cash commission of 6% was paid on gross proceeds together
with 1,145,400 broker warrants, each entitling the holder to acquire shares of
Niger Uranium at a price of 50 pence for a period of two years.
On closing, the private placees now hold a total of 23% of Niger Uranium
consisting of 19,090,000 shares. Northwestern maintains a 38.5% interest
consisting of 31,955,000 shares. UraMin (now part of Areva) is holding its
38.5% equity stake, which consists of 31,955,000 shares, in trust for
distribution to its shareholders as previously announced in a press release
issued by UraMin on June 15, 2007. Niger Uranium has issued a total of
83,000,000 shares.