Blue Sky Uranium Corp has announced that it is raising gross proceeds of $1,050,000 through a non-brokered private placement of up to 7 million units at a price of $0.15 per unit.
The company said each unit would consist of one common share and one transferrable share purchase warrant that entitles the holder to purchase an additional share at $0.25 per share for three years from the date of issue.
The proceeds of the financing will be used for exploration programs at the company's projects in Argentina and for general working capital.
READ: Blue Sky Uranium applies to TSX Venture Exchange to extend term of outstanding warrants
Blue Sky CEO Nikolaos Cacos said as demand for uranium and overall interest in the sector increased, the company wanted to ensure it was well funded to continue and expand its staged drill program at the Amarillo Grande Project.
“With this raise we will be well positioned to drill test multiple priority targets in the Ivana area as drilling permits are granted with the goal of expanding the project’s resource base,” Cacos said.
Blue Sky Uranium is a leader in uranium discovery in Argentina.
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