GoviEx Uranium Inc. has raised about C$5.0 million to fund exploration and development at its projects and for general working capital.

The company issued 50 million units at 10 Canadian cents apiece, it said on Dec. 23.

Each unit consists of 1 class A common share and 1 class A common share purchase warrant, exercisable to 1 common share for five years at 15 U.S. cents apiece.

The private placement is subject to the final acceptance of the TSX Venture Exchange.