Private placement completed
Vancouver-based UEX Corp. has raised $8.7 million in a private placement and will use the funds to accelerate exploration of uranium deposits in Saskatchewan.
UEX sold 8.7 million flowthrough shares at $1 per share through underwriters Dundee Securities Corp. and Cormark Securities Inc.
The company says it will put the funds into exploration and development of its properties in the Athabasca Basin. They include the 100 per cent owned Hidden Bay project and the 49 per cent owned Shea Creek deposit.
UEX owns Shea Creek in a joint venture with Areva Resources Canada Inc.
The company’s incurred exploration and development budget for 2009 is about $22.5 million, of which UEX will be responsible for $16.9 million. The company says its present cash position is about $24 million.
UEX is involved in 19 projects in the Athabasca Basin, seven of them wholly owned and the remainder joint ventures.
UEX shares trade on the Toronto Stock Exchange under the same symbol. Shares have been trading in the 80-cent to $1 range during the last month.