Source: U308 Corp.
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  • U3O8 Corp. (UWE.H) has closed its upsized non-brokered private placement for gross proceeds of $2.5 million
  • The company issued 22,726,907 units for $0.11 per unit
  • Net proceeds will provide additional working capital to reinitiate operations in Colombia to advance the company’s Berlin Deposit and for general corporate purposes
  • Mega Uranium Ltd. subscribed for 5.1 million units under the offering which brings its total holding to 10.1 per cent of the common shares of U3O8
  • U3O8 Corp. (UWE.H) is a Canadian-based exploration company focused on developing the Berlin Deposit in Colombia
  • U3O8 (UWE.H) is up 11.43 per cent, trading at $0.195 at 11:30 am ET

U3O8 Corp. (UWE.H) has closed its previously announced upsized non-brokered private placement for gross proceeds of $2,500,000.

The company issued 22,726,907 units for $0.11 per unit for gross proceeds of C$2,499.960. Each unit includes one common share and one share purchase warrant. Each warrant entitles the holder to purchase an additional share for three years.

Certain eligible finders will be paid a cash fee and finders’ warrants. All securities issued will be subject to a four-month hold period.

Net proceeds will provide additional working capital to reinitiate operations in Colombia to advance the company’s Berlin Deposit and for general corporate purposes.

Mega Uranium Ltd. subscribed for 5,140,909 units under the offering which, combined with its prior position, brings its holding to 10.1 per cent of the common shares of U3O8. The company anticipates that the common shares will resume trading on the TSX Venture Exchange on or around August 5, 2022.

U3O8’s Chairman, Trumbull Fisher pointed to strong support from investors leading to a successful completion of the private placement.

“The proceeds, when taken together with the market value of the common shares of Consolidated Uranium Inc. (TSXV: CUR). and Labrador Uranium Inc. (TSXV: LUR). which the company currently holds, places U3O8 in its strongest working capital position in over five years providing a solid foundation for future growth. I would like to thank Mega for supporting our vision for the company, and I am thrilled to welcome them as our largest shareholder.”

U3O8 Corp. (UWE.H) is a Canadian-based exploration company focused on developing the Berlin Deposit in Colombia.

U3O8 (UWE.H) is up 11.43 per cent, trading at $0.195 at 11:30 am ET.


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