Western Uranium Corporation: Private Placement Completed by Western Lithium Canada Corporation
July 08 2008 - 5:05PM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Western Uranium Corporation (TSX VENTURE:WUC) ("WUC") and Western Lithium Canada
Corporation ("Western Lithium") are pleased to announce, further to WUC's news
release dated May 22, 2008, that Western Lithium has completed its brokered
private placement (the "Private Placement") of 16,220,000 common shares at a
price of $0.50 per share for gross proceeds of $8,110,000.
Haywood Securities Inc. acted as the agent for the offering and received a cash
commission of $283,850 and a financial services fee of $25,000 plus GST.
Proceeds of the offering will be used for exploration and development of the
Western Lithium's mineral projects, for general working capital, and for
repayment of a loan from WUC.
All securities issued pursuant to the Private Placement will be subject to a
four month hold period from the date the common shares of Western Lithium are
posted for trading on the TSX Venture Exchange (the "Exchange").
Completion of the previously announced statutory plan of arrangement between WUC
and Western Lithium is subject to a number of conditions, the final condition
being the listing of the shares of Western Lithium on the Exchange. Western
Lithium has received conditional approval from the Exchange for the listing of
its common shares which is also subject to a number of conditions. Western
Lithium is working on meeting those conditions and it is intended that the
listing of the Western Lithium shares on the Exchange will occur as soon as
possible after the closing of the Private Placement. Share certificates for the
Western Lithium shares are being delivered to shareholders of record as at
Thursday, June 19, 2008 by the registrar and transfer agent for Western Lithium.
WUC and Western Lithium will make further announcements to update their
shareholders as to the status of the listing application.
This news release may contain certain forward-looking statements that reflect
the current views and/or expectations of WUC or Western Lithium with respect to
its respective performance, business and future events. Such statements are
subject to a number of risks, uncertainties and assumptions. Actual results and
events may vary for a variety of reasons.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless an
exemption from such registration is available.
On behalf of the Boards of Western Uranium Corporation & Western Lithium Canada
Corporation
Pamela J. Klessig, President & CEO
Western Uranium Corp. (TSXV:WUC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Western Uranium Corp. (TSXV:WUC)
Historical Stock Chart
From Aug 2023 to Aug 2024
Real-Time news about Western Uranium Corp. (TSX Venture Exchange): 0 recent articles
More Western Uranium Corporation News Articles