Each non-flow through unit will consist of one common share and one half of a common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.07 per common share for a period of 1 year from closing. Finder’s fees on the gross proceeds of the offering may be paid.
This non-flow through private placement is in addition to the previously announced $900,000 flow through private placement. The non-brokered flow through private placement (subject to regulatory approval) consists of up to 15,000,000 flow through shares at a price of $0.06 per share for gross proceeds of $900,000. A minimum of $200,000 of shares will be purchased by insiders. Please see the release dated October 23rd, 2014 for further details on the flow through private placement.
The proceeds of the offerings will be used to continue exploration and development of the Company’s Black Lake Project and the Clearwater Project in Saskatchewan, as well as for general working capital. Exploration work consisting of diamond drilling is planned on the Black Lake Project and Clearwater Project. Both projects are drill ready and have the necessary equipment on site to carry out the exploration work.
