Blue Sky Uranium Closes Non-Brokered Private Placement
Blue Sky Uranium Closes Non-Brokered Private
Placement
TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER
,
July 11, 2019
/CNW/ -
Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL2; OTC: BKUCF), "Blue
Sky" or the "Company")
is pleased to announce it has closed the second and final tranche of the non-brokered
private placement (the "
Private Placement
") through the issuance of an additional 2,043,332 units ("
Units
") at a
subscription price of
$0.15
per Unit for additional gross proceeds to the Company of
$306,500
. In total, 4,528,182
Units were issued and aggregate gross proceeds of
$679,227
were received by the Company for this Private
Placement.
Each unit will consist of one common share and one transferrable common share purchase warrant (the "Units").
Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at
$0.25
per share for three (3) years from the date of issue. If the volume weighted average price for the Company's
shares is
$0.50
or greater for a period of 5 consecutive trading days, then the Company may deliver a notice (the
"Notice") to the warrantholder that the Warrants must be exercised within twenty (20) days from the date of delivery
of such Notice, otherwise the Warrants will expire at
4:30 p.m.
(
Vancouver
time) on the twenty-first (21
st
) day after
the date of delivery of the Notice. The accelerated exercise shall not apply until the expiration of the four-month hold
period required under Exchange policies and rules, and securities laws that are applicable to the Company.
There are no Finder's fees payable for this tranche, however, Finder's fees of
$4,374.30
were paid in cash on a
portion of the private placement in the first tranche to parties at arm's length to the Company. In addition, 29,162
non-transferable finder's warrants were issued (the "
Finder's
Warrants
") in the first tranche. Each Finder's Warrant
entitles a finder to purchase one common share at a price of
$0.25
per share for three years from the date of issue,
expiring on
June 4, 2022
.
Certain insiders of the Company participated in the second tranche of the Private Placement for
$25,000
in Units
which when added to insider participation in the first tranche of
$7,500
brings the total insider participation to
$32,500
. Such participation represents a related-party transaction under Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions ("
MI 61-101
"), but the transaction is exempt from the formal
valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject
matter of the transaction, nor the consideration paid, exceed 25% of the Company's market capitalization.
The proceeds of the financing will be used for exploration programs on the Company's projects in
Argentina
and for
general working capital.
This financing is subject to regulatory approval and all securities to be issued pursuant to this second and final
tranche are subject to a four-month hold period expiring on
November 11, 2019
.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. 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. 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.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________________
Nikolaos Cacos
, President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content to download multimedia:
http://www.prnewswire.com/news-releases/blue-sky-uranium-closes-non-brokered-private-placement-300883848.html
SOURCE
Blue Sky Uranium Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/July2019/11/c6943.html
%SEDAR: 00023601E
For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email:
CO: Blue Sky Uranium Corp.
CNW 18:24e 11-JUL-19