- IsoEnergy (ISO) has announced a $15.3 million funding package consisting of a non-brokered private placement, a debenture offering and a bought-deal private placement of FT shares
- Under the C$5 million non-brokered private placement, the company will issue 1,500,000 common shares for $3.33 per share to NexGen Energy Ltd
- IsoEnergy has also entered into a binding term sheet with Queen’s Road Capital Investment Ltd. for a US$4 million private placement of convertible debentures
- The offerings are expected to close on or about December 6, 2022
- IsoEnergy is a uranium exploration and development company with a portfolio of prospective projects in the Athabasca Basin
- IsoEnergy Ltd. (ISO) opened trading at C$3.69
IsoEnergy (ISO) has announced a $15.3 million funding package.
The funding consists of a $5 million non-brokered private placement of common shares, a concurrent private placement of $5.3 million in convertible debentures, and a $5 million “bought deal” private placement of charitable “flow-through” shares.
Under the C$5 million non-brokered private placement, the company will issue 1,500,000 common shares for $3.33 per share to NexGen Energy Ltd.
IsoEnergy has also entered into a binding term sheet with Queen’s Road Capital Investment Ltd. for a US$4 million (approximately C$5.3 million) private placement of unsecured convertible debentures.
In addition, the company has entered into an agreement with PI Financial Corp., under which a syndicate of underwriters has agreed to purchase 940,000 common shares for C$5.35 per FT share for gross proceeds of C$5 million.
Tim Gabruch, President & Chief Executive Officer of IsoEnergy, commented on the capital raise.
“We are very pleased that our majority shareholder, NexGen Energy, and our strategic investor, Queen’s Road Capital, have agreed to make further investments in IsoEnergy. NexGen has supported multiple aspects of IsoEnergy’s growth and development since our 2016 inception. Warren Gilman and the Queen’s Road team have been strong partners and highly supportive of IsoEnergy’s activities in the Athabasca Basin as we have advanced our exploration properties and progressed the world-class Hurricane deposit. We welcome NexGen and QRC’s continued involvement, which demonstrates their ongoing confidence in our asset base and strategic approach. We are also pleased with the strong interest from the broader investment community to invest in IsoEnergy. Following the completion of the Offerings, IsoEnergy will have over C$17 million in the treasury and will be fully funded through its next phase of exploration and development.”
The offerings are expected to close on or about December 6, 2022.
The net proceeds of the debenture financing and private placement will be used for further exploration and development of the company’s Athabasca properties and general corporate purposes.
IsoEnergy is a uranium exploration and development company with a portfolio of prospective projects in the infrastructure-rich eastern Athabasca Basin in Saskatchewan.
IsoEnergy Ltd. (ISO) opened trading at C$3.69.