IsoEnergy Ltd. (TSXV: ISO | OTCQX: ISENF) has closed its previously announced marketed private placement of about 8.1M subscription receipts, raising C$36.6M with which to continue its hunt for economic uranium deposits. The company issued the subscription receipts at C$4.50 each.
The offering was led by investors NexGen Energy, Mega Uranium, and Energy Fuels. The original offering was upsized with the participation of Sachem Cover Partners and which included the partial exercise of the agent’s option.
Each subscription receipt will entitle the holder to receive, for no additional consideration and without further action on part of the holder thereof, one common share of IsoEnergy, on or about the date that IsoEnergy’s previously announced share-for-share merger with Consolidated Uranium by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) is completed.
The net proceeds will be used for the exploration and development of the company’s uranium assets, as well as for working capital and general corporate purposes. The proceeds will be held in escrow pending satisfaction of the escrow release conditions, including the satisfaction of the conditions to the closing of the arrangement and certain other customary conditions.
IsoEnergy’s current portfolio includes the Hurricane uranium deposit on its 100%-owned Larocque East property in the eastern Athabasca Basin in Saskatchewan, Canada. The deposit has an indicated resource of 63,800t grading 34.5% uranium oxide (U3O8), containing 48.5Mlbs U3O8. There is also an indicated resource of 54,300t 2.2% U3O8, 2.7Mlbs U3O8.
IsoEnergy also owns three more uranium projects in the Athabasca Basin.
For further information, please visit: www.isoenergy.ca
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