Source: North Queensland Register
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  • Currie Rose Resources Inc. (CUI) updates a private placement and due diligence of the North Queensland Vanadium Project
  • Currie Rose closes the first tranche of a non-brokered private placement by issuing 10.9 million units for total gross proceeds of $545,000
  • The subscribers of the first tranche agreed to a change in the use of proceeds from the acquisition
  • Currie Rose has completed an initial site visit of the project and did a confirmatory surface sampling program
  • Currie Rose Resources Inc. (CUI) is unchanged trading at $0.065 per share as of 12:38 p.m. EST

Currie Rose Resources (CUI) has updated its previously announced private placement and due diligence on the North Queensland Vanadium Project.

Currie Rose closed the first tranche of its previously announced private placement by issuing 10.9 million units for total gross proceeds of $545,000.

Each unit consists of one common share of Currie Rose and one common share purchase warrant.

A warrant entitles the holder to purchase one common share for a price of $0.10 for two years after closing.

Warrants are subject to an acceleration clause under certain conditions.

The subscribers of the first tranche agreed to a change in the use of proceeds from the acquisition.

Now proceeds are for general working capital purposes and not necessarily related to the acquisition.

Currie Rose will pay compensation of $17,200 and issue 344,000 broker warrants to various eligible finders involved.

Each broker warrant is exchangeable for one common share at a purchase price of $0.05 per share and will end two years from the closing date.

Currie Rose has completed an initial site visit of the project and did a confirmatory surface sampling program.

It has also completed positive due diligence of the seven tenements in the package

The company has established an Australian subsidiary to facilitate operations in Queensland.

Management a technical report will be completed in the next few weeks.

Currie Rose Resources Inc. (CUI) is unchanged trading at $0.065 per share as of 12:38 p.m. EST.

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