Caledonia Mining Corporation Plc press release
Uranium City Resources Inc. announces further increase in offering
NYSE - New York Stock Exchange ยท Jersey
RKLAND LAKE, ON, April 6 /CNW/ - Uranium City Resources Inc. ("UCR" or the "Company") (TSX VENTURE: UCR) is pleased to announce that it has further increased the offering previously announced in its April 3rd and April 5th 2006 press releases to $4.830 million. The offering will now consist of the issuance of up to $1.965 million of units (the "Units") priced at $0.35 per Unit and up to $2.865 million of flow-through units ("Flow-Through Units) at $0.40 per Flow-Through Unit. Each Unit will consist of one common share and one half of one common share purchase warrant (a "Series A Warrant"). Each full Series A Warrant will entitle the holder to purchase one additional common share at $0.40 for a period of 18 months following the closing of the offering. Each Flow-Through Unit will consist of one "flow-through" share and one half of one common share purchase warrant (a "Series B Warrant"). Each full Series B Warrant will entitle the holder to purchase one additional common share at $0.45 for a period of 18 months following the closing of the offering. Northern Securities Inc. will act as agent for the offering (the "Agent") and will be entitled on closing to a cash commission equal to 7% of the aggregate gross proceeds raised under the offering. The Company will also grant to the Agent non-assignable warrants ("Agent Warrants") equal in number to 10% of the number of Units and Flow-Through Units sold under the offering. Each Agent Warrant will entitle the holder thereof to acquire one Unit at a price of $0.35 per Unit for a period of 18 months following the closing of the offering. The securities issued under the offering will be subject to a four-month hold period. The proceeds will be used for exploration and development purposes of the Company's land holdings in Northern Saskatchewan as well as for general working purposes.
Forward looking statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond UCR's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although UCR believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements. For further information please contact:
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.