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URZ3 Energy Corp. has upsized its previously announced private placement from $660,000 to $880,000, offering up to eight million units at $0.11 each, with proceeds allocated for general working capital and subject to TSX Venture Exchange approval.
URZ3 ENERGY CORP. UPSIZES FINANCING
URZ3 Energy Corp. has increased the private placement dated Sept. 26, 2024, due to excess demand. The non-brokered private placement has been increased from $660,000 to up to $880,000.
Subject to TSX Venture Exchange approval, the company now intends to complete a non-brokered private placement offering of up to eight million units at a price of 11 cents per unit for total gross proceeds of up to $880,000. Each unit will consist of one common share in the capital of the company and one common share purchase warrant, with each warrant entitling the holder thereof to acquire an additional common share at an exercise price of 20 cents per common share for 36 months after the date of issuance. If, after four months plus one day from the closing date, the closing price (or closing bid price on days when there are no trades) of URZ3's common shares is greater than 40 cents per share for 10 consecutive trading days, URZ3 may accelerate the expiry date of the warrants to the 30th day after the date on which URZ3 gives notice to the warrantholders of such acceleration, with such notice being the issuance of a news release by the company announcing the acceleration of the expiry date.
Proceeds from the offering will be used for general working capital purposes.
The offering is subject to receipt of all necessary regulatory and TSX Venture Exchange approvals. The securities issued at closing of the offering will be subject to a four-month-plus-one-day hold period from the date of issue, as well as to any other resale restrictions imposed by applicable securities regulatory authorities. Subject to approval by the TSX Venture Exchange and applicable securities legislation, URZ3 may pay finders' fees with respect to certain subscriptions from arm's-length subscribers in accordance with the TSX Venture Exchange policies.