GoviEx Uranium Inc., further to its news release of Dec. 18, 2017, has closed its private placement financing. In aggregate, the company issued a total of 21,541,880 units at a price of 25 Canadian cents per unit for gross proceeds to the company of $5,385,470 (Canadian).
The net proceeds from the private placement will be used to continue exploration and development activities on the company’s mineral assets and for general working capital and corporate purposes. The funds also may be used in connection with the potential resolution of the uranium loan tranche B bond with Toshiba Corp.
All securities issued under this private placement will be subject to a customary hold period and may not be traded before April 23, 2018. In addition, securities issued to subscribers in the United States will be subject to a hold period under the Securities Act of 1933 and can only be resold in strict compliance with the applicable exemptions from the registration requirements of the act.
Each warrant shall entitle the holder to purchase one Class A common share of the company for a period of 24 months at 28 U.S. cents until Dec. 22, 2018, and thereafter at 31 U.S. cents until Dec. 22, 2019.
GoviEx insiders subscribed for a total of $20,000 (Canadian) or 80,000 units. The company paid finders’ fees of approximately $30,625 (Canadian).
The private placement remains subject to the final acceptance of the TSX Venture Exchange.
About GoviEx Uranium Inc.
GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela project in Niger, its mine-permitted Mutanga project in Zambia and its other uranium properties in Africa.