Standard Uranium Looks To Raise Up To $3.5 Million
Standard Uranium (TSXV: STND) is looking to give a boost to its balance sheet. The junior explorer whom is focused on the Athabasca Basin of Saskatchewan this morning indicated it intends to conduct a fully marketed private placement via Red Cloud Securities.
The financing will see the company look to raise up to $3.5 million in funds, via the sale of both units as well as flow through units. Units are being offered at a price of $0.11 per each, while flow through units are priced at $0.13 per each.
Units are to contain one common share and one half of a common share purchase warrant, while flow through units are to contain one flow through share and one half of a common share purchase warrant. In both instances, warrants are to contain an exercise price of $0.17 per share, and are valid for two years.
A $1.0 million over-allotment option is also on the table for the financing.
Proceeds from the financing are to be used for the development of the firms Davidson River project. The financing is currently slated to close by June 27.
Standard Uranium last traded at $0.12 on the TSX Venture.
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