CanAlaska Uranium (CVE:CVV) said on Wednesday it intends to raise up to C$1.12mln from a non-brokered private placement of up to two million units at a price of 56 cents per unit.
Each unit will consist of one common share and one-half of one share purchase warrant. Net proceeds will be used for acquisitions and uranium and other mineral exploration in Saskatchewan, Manitoba and Alberta, as well as for general corporate purposes.
Each whole warrant will entitle the holder to acquire an additional common share at 80 cents per share for a three-year period, provided that after the four-month hold period expires, if for 10 consecutive days the closing price of the company's shares on the TSX Venture Exchange exceeds $1.25, then the company may any time thereafter accelerate the expiry date of the warrants to the date that is 30 days following the date on which the company issues notice to all the warrantholders of the new expiry date.
The company will also issue a press release on the same date as it issues notice confirming the new expiry date of the warrants.
The company may pay a finder's fee consisting of cash and warrants to eligible finders as permitted under applicable securities laws and TSX-V policies.
All securities issued in connection with this offering will be subject to a Canadian hold period expiring four months from the date of issuance of such securities.