Labrador Uranium Looks To Conduct $7.0 Million Charity Flow Through Bought Deal

Interest in the uranium space appears to be heating up, with a new issue in the sector announcing a financing this morning. Labrador Uranium (CSE: LUR), whom came public just last month, this morning indicated it intends to conduct a flow through financing.

The financing will see the company look to raise gross proceeds of up to $7.0 million via a charity flow through bought deal offering. The offering will see a total of 5.0 million charity flow through units sold at a price of $1.40 per each. An over-allotment option has also been granted.

Each unit sold is to be comprised of one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years from the date of issuance and contains an exercise price of $1.40 per share.

Proceeds from the financing are to be used for the exploration of the firms properties, which are found in Labrador, Canada. The company currently owns the Moran Lake and CMB projects in Labrador, which reportedly has seen significant historical exploration work focused on uranium and copper. The company also owns the Notakwanon Project, which is classified as being “underexplored but drill ready.”

Full exploration plans for the oncoming season have yet to be revealed by the company.

The current offering is slated to close on April 28, 2022.

Labrador Uranium last traded at $1.14 on the CSE.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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