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IsoEnergy raises C$5.5M in upsized private placement

IsoEnergy Ltd. raised around C$5.5 million in a bought-deal private placement, an increase over the original target of C$4.5 million due to strong demand.

The company issued 9,173,200 flow-through shares at 44 cents apiece, raising around C$4.0 million. It also issued 3,999,600 non-flow-through shares at 38 cents apiece for about C$1.5 million, according to a Dec. 20 release.

The underwriters, led by Cormark Securities Inc., partially exercised their option to increase the size of the offering from 10,765,000 securities to 13,172,800 securities.

The company will use the proceeds from the flow-through shares on its projects based in the Athabasca Basin of Saskatchewan, including further drilling in proximity to the high-grade uranium mineralization recently discovered at the Hurricane Zone on the Larocque East uranium property.

The proceeds from the sale of non-flow-through shares will be used both for exploration on IsoEnergy's projects and for general corporate purposes.