GoviEx Uranium Inc. said June 5 that it raised about C$6.1 million from a private placement to fund exploration and development activities at its projects, as well as for working capital and general corporate purposes.
The offering comprised 35,674,911 units at 17 cents apiece. Each unit consists of 1 class A share and 1 class A share purchase warrant, with each warrant entitling the holder to acquire an additional share for 21 U.S. cents until June 2019, 24 cents until June 2020 and 28 cents until June 2021.
GoviEx said a portion of the proceeds may also be used for a short-term loan to help complete a share purchase deal between Toshiba Corp. and a third-party investor, which is subject to a termination agreement and mutual release between GoviEx and Toshiba.
The company owns and operates the Madaouela and Mutanga uranium projects in Niger and Zambia, respectively.
