The second tranche consisted of 4,195,000 Units at $0.05 per Unit for gross proceeds of $209,750 . Including the proceeds of the first tranche, a total of $358,499.98 was raised in the financing.
The unit consists of one common share and one share purchase warrant. Each share purchase warrant is exercisable into one common share of the Company for a period of 24 months from closing at a price of $0.10 per common share.
The Company paid a total finders fee of $10,080 and issued a total of 160,457 warrants exercisable at $0 .10 per share for a period of 24 months from closing.
All the securities issuable will be subject to a four-month hold period from the date of closing.
The proceeds received from the FT Units will be used by the Company to incur qualified Canadian Exploration Expenses and the proceeds raised by the issuance of Units will be utilized for exploration of the Company’s uranium projects in the Athabasca Basin, corporate development and general and administrative purposes.
