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ATHABASCA NUCLEAR CORPORATION ANNOUNCES NON-BROKERED FINANCING
Athabasca Nuclear Corp. intends to conduct a non-brokered private placement offering of up to five million units at a price of 10 cents per unit for gross proceeds of up to $500,000. Each unit will consist of one common share of Athabasca Nuclear and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share at a price of 15 cents per common share for a period of 24 months from closing of the offering.
Insider participation is expected to be 25 per cent or greater of the offering.
The net proceeds of the offering are expected to be used toward the drill program anticipated to resume in May at the Preston uranium project and for general corporate purposes.
The units and underlying securities will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. The offering is subject to certain conditions including the approval of the TSX Venture Exchange.
The offering is expected to close on or before May 23, 2014.
In connection with the offering, Athabasca Nuclear may pay up to a 7-per-cent finder's fee on the gross proceeds of the offering.