URZ Energy Closes Equity Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Dec. 20, 2017 (GLOBE NEWSWIRE) -- URZ Energy Corp. (TSX-V:URZ) (OTCQ:BURZZF) (“URZ” or the “Company”) is pleased to announce the closing of the non-brokered private placement (the “Private Placement”) announced on November 28, 2017. The Company has issued a total of 2,227,187 units of URZ (“Units”) at a price of $0.45 per Unit for gross proceeds of CAD$1,002,234.
Each Unit is comprised of one common share of the Company (a “Share”) and one-half of one non-transferable share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereto to purchase for a period of eighteen (18) months one additional Share (a “Warrant Share”) at an exercise price per Warrant Share of CAN$0.75 provided that in the event that the closing price of the Company’s common shares on any stock exchange is CAD$1.10 or greater per common share during a 10 consecutive trading day period at any time after the Closing Date, the Warrants will expire, at the sole discretion of the Company, 30 days after the date on which the Company provides notice of such fact to the holders thereof. The Company paid a cash commission of $2,047.50 and issued 77,000 Units as finder’s fees.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All securities issuable pursuant to the Private Placement are subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws.
The Company intends to use the net proceeds of the Private Placement towards the advancement of its Gas Hills Project and for working capital and general and administrative purposes.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About URZ Energy Corp. – URZ is a uranium exploration and development company that is primarily engaged in the evaluation, acquisition and development of prospective ISR uranium properties in the United States. The Company is led by an experienced management team including Glenn Catchpole as CEO. Mr. Catchpole is a licensed engineer with 39 years of uranium experience, including extensive work with Cameco Company on its Inkai Project in Kazakhstan. Additionally, Mr. Catchpole was the former CEO of Uranerz Energy Company (“Uranerz”) prior to its US$175 million acquisition by Energy Fuels Inc. in 2015. During his tenure, Uranerz successfully explored, permitted, built, and operated its Nichols Ranch ISR uranium project in Wyoming.
The Company owns uranium properties in the Gas Hills, Juniper Ridge, and Shirley Basin as well as uranium properties in Utah and Colorado.
Contact Information - For more information, please contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward‑looking statements. Although the Company believes that the expectations reflected in these forward‑looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward‑looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
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