Labrador Uranium completes $9.2 million financing

Labrador Uranium (CSE: LUR) has closed its private placement deal, in which it sold 18,672,000 subscription receipts at C$0.35 per receipt and over 14,359,000 flow-through subscription receipts at a price of C$0.42 per flow-through receipt. Aggregate gross proceeds for the deal are over C$12.5 million ($9.2m).

The placement was undertaken with the company’s previously announced entry into a definitive agreement with ValOre Metale. The company will acquire ValOre’s Angilak property located in Nunavut Territory. The 66,435-hectare Angilak property in Nunavut Territory, hosts the Lac 50 Trend with inferred resource of 2,831,000 tonnes grading 0.69% U₃O₈, totalling 43.3 million lb. U₃O₈.

Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada and holds 52 mineral licences covering 152,825 hectares in the Central Mineral Belt in central Labrador and the Notakwanon project in northern Labrador.

Currently, the company is advancing the district scale CMB project which includes the Moran Lake and Anna Lake deposits. The CMB is adjacent to Paladin Energy’s Michelin deposit, with substantial past exploration work completed, and numerous occurrences of uranium, copper, and IOCG-style mineralization.

The company also recently appointed John Jentz as CEO, and Philip Williams will be stepping down.