Blue Sky Uranium Corp. (TSX-V:BSK, OTCQB:BKUCF) has kicked off a new financing round to support ongoing exploration efforts outside of its partnership with Corredor Americano SA (COAM).
The company announced a non-brokered private placement aimed at raising up to $945,000.
Blue Sky plans to issue between 20 million and 21 million units at a price of $0.045 per unit. Each unit in the offering will consist of one common share and one transferrable common share purchase warrant. The warrants will allow holders to acquire additional shares at a price of $0.06 per share within four years of the issuance date.
The partnership with COAM, which includes a free carry for Blue Sky through to production at the Ivana Deposit, positions the company for significant advancement toward production.
“The proposed transaction with COAM would catapult Blue Sky Uranium on to a clear path through production with one of the most prominent groups in Argentina," said Nikolaos Cacos, CEO of Blue Sky Uranium.
"The proceeds of this financing will allow the company to continue exploration on further known targets outside of this partnership, including the recently acquired in-situ recovery uranium projects and for working capital.”
The company expects the funds to bolster its exploration activities, advancing its portfolio of uranium projects in Argentina as it moves closer to production.