TransactionsUranium North Completes $8 Million Brokered Private PlacementPublished: 02/22/2011 By Alexandra Iliopoulos, Christopher B. Norton, John P. Vettese On February 8, 2011, Uranium North Resources Corp. closed a brokered private placement with its agent, BayFront Capital Partners Ltd., for the sale of 6,423,685 flow-through shares at a price of $0.38 per flow-through share for gross proceeds of $2,441,000 and 18,530,000 units at a price of $0.30 per unit for gross proceeds of $5,559,000. Included in the issuance was the agent’s fully exercised over allotment option of $4,000,000. Each unit is comprised of one common share and one-half of one share purchase warrant (“Warrants”). Each whole Warrant entitles the holder to purchase one common share for a period of 18 months at a price of $0.38 per share for the first 12 months of the term and $0.45 per share for the remainder of the term. The agent and members of its selling group were paid aggregate cash commissions and were also issued 1,418,274 warrants (the “Brokers’ Warrants”), each Brokers’ Warrant entitling the holder to purchase one Unit for a period of 18 months at a price of $0.30 per Brokers’ Warrant. The flow-through shares, units and Brokers’ Warrants are subject to a statutory hold period expiring on June 9, 2011. Cassels Brock acted for BayFront Capital Partners Ltd. with a team that included John Vettese (Securities and Mining), Alexandra Iliopoulos (Securities), Daniel Im (Securities) and Chris Norton (Tax). Uranium North Resources Corp. is a Canadian mining company focused on gold, silver, copper and uranium. |