Blue Sky Uranium Corp. (TSX-V:BSK, OTCQB:BKUCF) announced that due to high investor demand, it has increased the private placement amount announced on November 21, 2022, to $1.8 million from $1.0 million consisting of 18 million units at $0.10 per unit.
The proceeds of the financing will be used for exploration programs on the company's projects in Argentina and for general working capital.
Each unit in the private placement will consist of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at $0.20 per share for two years from the date of issue.
READ: Blue Sky Uranium to raise $1M through non-brokered private placement
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.
Directors, officers and employees of the company may participate in a portion of the financing. A commission may be paid on a portion of the financing.
Blue Sky Uranium is a leader in uranium discovery in Argentina. The company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which it works.
Blue Sky has the exclusive right to 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.
Contact the author at jon.hopkins@proactiveinvestors.com