Basin Uranium Corp. (NCLR) has closed its private placement of charity flow-through units for gross proceeds of approximately $3.6 million.
The proceeds include the full exercise of the over-allotment option held by PI Financial Corp. and Red Cloud Securities Inc.
The company issued 5.64 million charity flow-through units at a price of $0.64 per unit.
The charity flow-through units were issued as part of a charity arrangement structured by Peartree Securities Inc.
Each charity flow-through unit consists of one common share to be issued as a flow-through share and one-half of one common share purchase warrant.
Each warrant is exercisable into one common share at a price of $0.75 on or before December 7, 2023.
The agents received a cash commission of 7 per cent and an equal amount of charity flow-through units.
The gross proceeds will be used by Basin for expenditures at its Mann Lake uranium project.
Basin Uranium Corp. (NCLR) is up 1.56 per cent and is trading at $0.65 per share as of 1:48 p.m. EST.