- Labrador Uranium (LUR) has closed its bought deal private placement for gross proceeds of $10,001,600
- The company issued 7,144,000 flow-through units of LUR to charitable purchasers at a price of $1.40 per unit
- Each charity FT unit will consist of one common share and one-half of one common share purchase warrant
- Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador
- Labrador Uranium Inc. (LUR) opened trading at C$0.91 per share
Labrador Uranium (LUR) has closed its previously announced bought deal private placement for gross proceeds of $10,001,600.
The company issued 7,144,000 flow-through units of LUR to charitable purchasers at a price of $1.40 per unit.
The offering was led by Red Cloud Securities Inc. and included Haywood Securities Inc. and PI Financial Corporation.
Stephen Keith, CEO of Labrador Uranium commented on the capital raise.
“We would like to thank our existing and new shareholders for the overwhelming support in completing an over-subscribed and strongly institutionally backed private placement. This financing shows great confidence in the work we have ahead, and we look forward to our planned 2022 and 2023 exploration seasons.”
Each charity FT unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share at a price of $1.40 per share for 24 months after the closing date of the offering.
Net proceeds will be used for the exploration of LUR’s projects in Labrador.
The underwriters received a cash commission of $605,104 and 464,360 non-transferable broker warrants. Each broker warrant can be exercised to acquire one additional common share at a price of C$1.00 at any time on or before April 28, 2024.
All securities issued are subject to a statutory four-month hold period ending on August 29, 2022.
Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador. LUR has acquired the Moran Lake and CMB Projects covering over 139,000 ha in the prolific Central Mineral Belt (CMB) in central Labrador and the Notakwanon Project in northern Labrador.
Labrador Uranium Inc. (LUR) opened trading at C$0.91 per share.
