Val-d’Or, Québec – Uranium Valley Mines Ltd. (NEX:VZZ.H) (the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Financing”) for gross proceeds of $205,000, having issued 2,050,000 units (the “Units”) at a per Unit price of $0.10, each Unit consisting of one common share in the capital of the Company and one non-transferable common share purchase warrant entitling the holder to purchase one common share in the capital of the Company at a per share price of $0.13 until October 31, 2017.
The Financing was oversubscribed by 50,000 Units for additional gross proceeds of $5,000 to that proposed by the Company as previously announced on September 22, 2016.
In connection with the Financing, the Company paid $1,600 cash finder’s fees and issued an aggregate 88,000 common shares at a deemed per share price of $0.10 to various parties in satisfaction of an aggregate $8,800 in finder’s fees representing 8% of the purchase proceeds received from subscribers introduced to the Company by the finders. The Company also issued to the finders non-transferable warrants entitling the purchase of an aggregate 104,000 common shares at a per share price of $0.13 until October 31, 2017, representing 8% of the number of Units placed with the assistance of the finders.
In accordance with applicable securities legislation and the policies of the TSX Venture Exchange, all securities issued under the Financing, including securities issued in satisfaction of finder’s fees, are subject to a hold period until March 1, 2017.
Net proceeds from the Financing will be used by the Company for general corporate purposes.
Forward Looking Statements
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. .PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
Glenn J. Mullan, Chief Executive Officer
(819) 824-2808 – Head Office
(514) 835-8384 – cell phone