Blue Sky Uranium Corp. (TSX-V:BSK, OTCQB:BKUCF) has announced that due to high investor demand, it has doubled the size of the private placement amount announced on May 24, 2022, from $1,050,000 to $2,100,000 consisting of 14 million at $0.15 per unit.
In an earlier statement on Tuesday, Blue Sky said it had closed the first tranche of its non-brokered private placement, issuing 5,694,000 units at a subscription price of $0.15 each, raising aggregate gross proceeds of $854,100.
Each unit consists of one common share and one transferrable common share purchase warrant with each warrant entitling the holder to purchase one additional common share for $0.25 each for three years from the date of issue, expiring on June 7, 2025.
The proceeds of the financing will be used for exploration programs on the company's projects in Argentina and for general working capital.
READ: Blue Sky Uranium announces non-brokered private placement to fund exploration at its Argentina projects
The company, a leader in uranium discovery in Argentina, said finder's fees of $30,614.50 are payable in cash on a portion of the private placement to parties at arm's length to the company. Additionally, certain insiders of the company participated in the private placement for $10,000 in units.
The financing is subject to regulatory approval and all securities to be issued under the financing are subject to a four-month hold period under applicable Canadian securities laws.
Blue Sky Uranium has the exclusive right to of properties in two provinces in Argentina. The company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier.
The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
-- Adds statement on placement increase --
Contact the author at jon.hopkins@proactiveinvestors.com