26 JANUARY 2018 TSX: AZZ / FRA: P8AA / OTCMKTS: PWURF
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
AZARGA URANIUM CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT
AZARGA URANIUM CORP. (TSX:AZZ) (“Azarga Uranium” or the “Company”) has closed the final tranche of a non-brokered private placement for C$195,000 through the issuance of 780,000 units (each, a “Unit”) at a price of C$0.25 per Unit. The Company issued a total of 3,015,000 Units to raise proceeds of C$753,750 through the non-brokered private placement (the “Financing”).
Each Unit consists of one common share of the Company (each, a “Share”) and one-half of one Share purchase warrant (each whole warrant, a “Warrant”). One Warrant entitles the holder thereof to purchase one Share of the Company at a price of C$0.35 per Share for a period of three years from closing. The Shares issued in connection with the Financing are subject to a four-month and a day hold period. The Financing is subject to the final approval of the Toronto Stock Exchange (the “TSX”).
In connection with the Financing, the Company paid cash finder’s fees of $15,000 and issued 60,000 Warrants to the finder.
The Company’s President and Chief Executive Officer, Blake Steele, purchased 80,000 Units and the Company’s Chairman, Richard Clement, purchased 600,000 Units in the Financing. An insider of the Company sold 1,000,000 freely tradable Shares of the Company to an arm’s length third party and subscribed for a total of 1,400,000 Units in the Financing. The issuance of 500,000 of the Warrants to the insider is subject to disinterested shareholder approval, in addition to the final approval of the TSX.
About Azarga Uranium Corp.
Azarga Uranium is an integrated uranium exploration and development company that controls six uranium projects, deposits and prospects in the United States of America (South Dakota, Wyoming and Colorado) and the Kyrgyz Republic. The Dewey Burdock in-situ recovery uranium project in South Dakota (the “Dewey Burdock Project”), which is the Company’s initial development priority, has received its Nuclear Regulatory Commission License and draft Class III and Class V Underground Injection Control (“UIC”) permits from the Environmental Protection Agency (“EPA”) and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA.
For more information please visit www.azargauranium.com.
Follow us on Twitter at @AzargaUranium.
For further information, please contact:
Blake Steele, President and CEO
+1 303 790-7528
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
photo credit: Azarga Uranium