news IsoEnergy arranges $3-million FT financing
2020-12-02 10:25 ET - News Release
Mr. Craig Parry reports
ISOENERGY ANNOUNCES $3 MILLION BOUGHT DEAL PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
IsoEnergy Ltd. has entered into an agreement with Haywood Securities Inc. for a bought deal private placement financing wherein the underwriter has agreed to purchase 2,027,027 flow-through common shares of the company at a price of $1.48 per FT share for aggregate gross proceeds of $3-million. The FT Shares will qualify as "flow-through shares" as defined in the Income Tax Act (Canada).
In addition, the Company has granted the Underwriter an option (the "Underwriter's Option") to purchase up to an additional number of FT Shares (the "Additional FT Shares") equal to 15% of the FT Shares sold pursuant to the Offering, at a price per Additional FT Share equal to the Issue Price, by providing notice to the Company at any time up to 48 hours prior to the Closing Date (as defined herein).
The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian exploration expenses that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's properties in Saskatchewan (the "Qualifying Expenditures"). The Qualifying Expenditures will be renounced to the subscribers with an effective date no later than December 31, 2020, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares.
The closing of the Offering is anticipated to occur on or about December 22, 2020 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.
The FT Shares will be offered by way of a private placement pursuant to exemptions from the prospectus requirements to residents of all of the provinces of Canada and such other jurisdictions as may be agreed to by the Company and the Underwriter.
All securities issued under the Offering will be subject to a statutory hold period in Canada expiring four months and one day from the date of issuance.
About IsoEnergy
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada. The Company recently discovered the high-grade Hurricane Zone of uranium mineralization on its 100% owned Larocque East property in the Eastern Athabasca Basin. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.