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Uragold nets C$1.1M

Uragold BayResources Inc. said July 6 that it has completed the two previouslyannounced non-brokered private placements raising a total of approximately C$1.1million.

Under the first placement of hard cash units, the companyraised a total gross proceeds of C$868,000 by issuing its 6,200,000 units at 14cents apiece. The hard cash unit’s private placement exceeded theover-allocation and allotments reservation options due to high demand.

Each unit comprised of 1 common share and 1 share purchasewarrant, while each warrant entitles the holder to acquire 1 additional shareat 25 cents each during a 24-month period following closing.

Under the second placement of flow-through shares, thecompany issued and sold a total of 1,373,856 flow-through shares at 14 centsper unit for gross proceeds of C$192,339.80.

The raised funds will be used for general corporateexpenditures as well as to finance the company's ongoing development strategywhich includes starting a field exploration campaign at its quartz property inQuebec to delineate a resource.