IsoEnergy (TSXV: ISO; OTCQX: ISENF) has completed a previously announced private placement to raise $36.6 million to continue its search for commercial uranium deposits. The company issued approximately 8.1 million subscription receipts, priced at $4.50 each.
The bid is led by NexGen Energy, Mega Uranium and Energy Fuels, all players in the uranium industry. The original offer was expanded with the involvement of Schem Cover Partners.
Each subscription receipt entitles the holder, without additional consideration and without any further action by the holder, to receive one share on or about the date IsoEnergy previously announced a stock merger with Consolidated Uranium to effect the court-approved transaction. A plan of arrangement under the Business Corporations Act (Ontario) for IsoEnergy common shares has been completed.
IsoEnergy intends to acquire all of the issued and outstanding shares of Consolidated Uranium (TSXV: CUR; OTCQX: CURUF). Merger shareholders will receive one-half of an IsoEnergy share for each Merger share held. The combined company is estimated to be worth approximately $903.5 million. The two companies have complementary uranium asset portfolios and potential global reach.
IsoEnergy’s portfolio includes the Hurricane uranium deposit at its 100%-owned Larocque East property in the eastern Athabasca Basin. The deposit has indicated resources of 63,800 tonnes grading 34.5% uranium oxide (U3O8) and 48.5 million pounds of U3O8. In addition, there are indicated resources of 54,300 tonnes of 2.2% U3O8, or 2.7 million pounds of U3O8.
IsoEnergy also owns three other uranium projects in the Athabasca Basin.
Consolidated owns uranium mines and projects in Canada, the United States, Australia and Argentina.
Please visit www.IsoEnergy.ca to view a presentation detailing the IsoEnergy Consolidated transaction.