Blue Sky Uranium Corp. (TSX-V:BSK, OTCQB:BKUCF) has announced a non-brokered private placement financing of up to 10,000,000 units at a price of $0.10 per unit for gross proceeds of $1 million.
The proceeds will be used for exploration programs on the company's projects in Argentina and for general working capital.
"As more permits to conduct exploration work are being granted for the undrilled Cateo Cuatro and Ivana East targets, we want to be sufficiently funded to continue our exploration program in the Ivana area of the Amarillo Grande Project,” said Blue Sky president and CEO Nikolaos Cacos in a statement.
“These targets represent some of the most prospective areas for discovering additional uranium resources to add to our already significant Ivana deposit."
READ: Blue Sky Uranium to refine drill targets with field exploration program at Amarillo Grande Uranium-Vanadium Project in Argentina
Each unit will consist of one common share and one transferrable common share purchase warrant, and each warrant will entitle the holder to purchase one additional common share in the company at $0.20 per share for two years from the date of issue.
The financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws.
Blue Sky Uranium is a leader in uranium discovery in Argentina, where it has the exclusive right to properties in two provinces. Its 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.
Contact the author at jon.hopkins@proactiveinvestors.com