(“UEX” or the “Company”) is pleased to announce that it closed its previously announced $2.5 million non-brokered private placement (the “Offering”). The Company issued 6,414,103 common shares of the Company (“Flow‑Through Common Shares”) that qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada)(the “Tax Act”) at a price of $0.39 per Flow-Through Common Share for aggregate gross proceeds to the Company of $2,501,500.17
The gross proceeds from the sale of the Flow-Through Common Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Tax Act which qualify as “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act (“Qualifying Expenditures”). The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2021.
The Flow‑Through Common Shares issued by UEX in connection with the Offering are subject to a four month […]
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