GoviEx Uranium Inc. said Dec. 18 that it is undertaking a private placement to raise up to C$5 million for continuing exploration and development work on its mineral assets.

The group is offering up to 20 million units at 25 Canadian cents each, with each unit consisting of 1 common share and 1 share purchase warrant. Each warrant can be converted to a common share for 35 cents over two years.

The placement is expected to close on or before Dec. 22.