VANCOUVER, Jan. 20, 2017 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV: ISO) is pleased to announce the offering, by way of non-brokered private placement (the "Offering"), of up to 2,500,000 flow-through common shares (the "Flow-Through Shares") at a price of $1.60 per Flow-Through Share and up to 370,370 Units (as defined below) at a price of $1.35 per Unit, raising aggregate gross proceeds of up to approximately $4,500,000.
Each "Unit" will consist of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $2.00 for a period of 24 months following the closing date of the Offering.
The closing of the Offering is expected to occur on or before February 8, 2017 and is subject to the completion of formal documentation and the approval of the TSX Venture Exchange. The securities issued pursuant to the Offering will be subject to a hold period of four months and one day. The Company may increase the size of the Offering by up to 15% and/or modify the mix of securities as between Flow-Through Shares and Units in its sole discretion.
IsoEnergy will use the proceeds of the Offering to continue its exploration activities on its projects in the Athabasca Basin, Saskatchewan and for general working capital purposes.
In connection with the Offering, the Company will pay a cash finder's fee to Secutor Capital Management Corporation equal to 6% of the gross proceeds raised from placees introduced to the Company by it.
IsoEnergy is a mineral exploration company that was incorporated under the laws of the Province of British Columbia as a wholly-owned subsidiary of NexGen Energy Ltd. ("NexGen") for the purpose of acquiring a portfolio of early stage mineral exploration properties from NexGen. The principal business activity of IsoEnergy is the acquisition and exploration of early stage mineral properties. IsoEnergy is focused primarily on the exploration of its Radio Project, in which it has an exclusive right to earn a 70% interest, and its 100% owned Thorburn Lake Project, in each case, located in the Athabasca Basin of Saskatchewan. IsoEnergy also holds a 100% interest in each of the Madison, 2Z, Carlson Creek and the Thorburn North property.
IsoEnergy is led and supported by an experienced executive management team and Board of Directors, all of whom have been or are also involved with NexGen and the discovery and development of its Rook 1 Project, also located in the Athabasca Basin in Saskatchewan.
Neither the TSX Venture Exchange nor its Regulations Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation: the aggregate gross proceeds received under the Offering; the closing date of the Offering; and the Company's exploration plans and use of proceeds of the Offering. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about IsoEnergy's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon certain assumptions and other important factors that could cause the actual results, performances or achievements of IsoEnergy to be materially different from future results, performances or achievements expressed or implied by such information or statements. Such information and statements are based on numerous assumptions including, among others, that the approval of the TSX Venture Exchange will be obtained in a timely fashion, the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms and that third party contractors, equipment, supplies and governmental and other approvals required to conduct IsoEnergy's planned exploration activities will be available on reasonable terms and in a timely manner.
Forward-looking information and statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of IsoEnergy to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the negative operating cash flow and dependence on third party financing; the uncertainty of additional financing; potential forfeiture of the Radio Option Agreement; the limited operating history of IsoEnergy; the lack of known mineral resources or reserves; the influence of a large shareholder; alternate sources of energy and uranium prices; aboriginal title and consultation issues; risks related to exploration activities generally; reliance upon key management and other personnel; title to properties; uninsurable risks; conflicts of interest; permits and licences; environmental and other regulatory requirements; political regulatory risks; competition; and the volatility of share price, all as more particularly described under "Risk Factors" in the Company's Listing Application available at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE IsoEnergy Ltd.
For further information: Craig Parry, Chief Executive Officer, IsoEnergy Ltd., +1 778 379 3211, [email protected], www.isoenergy.ca