TSX-V-listed Premier American Uranium (PUR) has announced a private placement to raise at least C$5-million, strengthening its balance sheet at a time when uranium fundamentals are robust.
The company, which is exploring and developing two projects in the US, has entered into an agreement with Red Cloud Securities to act as lead agent and sole bookrunner with PI Financial acting as co-agent for a placement of up to 2.04-million receipts at C$2.45 each.
The agent will have an option to sell up to an additional 408 164 receipts at the same price for proceeds of C$1-million.
“PUR was strategically built to acquire, explore, and develop uranium assets in the US. Now, with the anticipated closing of the arrangement with American Future Fuel, our scope has expanded to encompass three key uranium mining districts: the Great Divide Basin of Wyoming, the Uravan Mineral Belt of Colorado, and the Grants Mineral Belt in New Mexico.
“We believe today’s financing positions us well to advance our growth strategy and we extend our gratitude to our cornerstone shareholders, Sachem Cove Partners, and Mega Uranium, and other institutional investors, whose ongoing support provides us the ability to execute our vision,” said CEO Colin Healey.