Vancouver, BC / TWN-Accesswire / Apr 25 2014 / Blue Sky Uranium Corp. (TSX-V: BSK, FRA: MAL (WKN: A0MKXP), "Blue Sky" or the "Company") is pleased to announce it has closed the second tranche of the non-brokered private placement announced on April 7, 2014. The second, and final, tranche consists of gross proceeds of $33,000 with aggregate funds of $114,345 raised in both tranches. The Company will issue 600,000 units at a price of $0.055 per unit in the second tranche.
Each unit consists of one common share and one transferable common share purchase warrant ("Unit"). Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.10 per share expiring April 23, 2016.
Finder's fees of $2,640 are payable in cash in connection with the second tranche of the private placement. In addition, 48,000 non-transferrable finder's warrants are issuable with each finder's warrant entitling a finder to purchase one common share at a price of $0.10 per share expiring April 23, 2016.
The proceeds from this financing will be used for further exploration and development of the Company's property portfolio in Argentina and for general working capital. All securities to be issued in the second tranche of this private placement are subject to a four month hold period under applicable Canadian securities laws expiring on August 25, 2016.
Chief Financial Officer
The Company has appointed Mr. Darren Urquhart as Chief Financial Officer and Corporate Secretary effective April 25 2014.
Mr. Urquhart is a Chartered Accountant with more than 10 years of experience working in both public practice and industry. Mr. Urquhart is presently engaged in public practice accounting offering CFO and accounting services to TSX Venture Exchange listed exploration companies in the Vancouver area. Mr. Urquhart began his career working as an audit accountant with Grant Thornton LLP, then later worked as a senior tax accountant with Lohn Caulder Chartered Accountants and more recently served as a consultant to an international private equity company. Mr. Urquhart obtained his Chartered Accountant designation in 2001 and is a member of the Institute of Chartered Accountants of British Columbia. In 1995, Mr. Urquhart obtained his B.A.Sc. (Electrical Engineering) from the University of British Columbia.
Mr. Urquhart replaces Mike Iannacone who will remain with the Company as a consultant to assist with the transition of the Chief Financial Officer and Corporate Secretary roles. The Board of Directors and management wishes to thank him for his service and wishes him success in his future endeavors.
About Blue Sky Uranium Corp.
Blue Sky is one of Argentina's best positioned uranium exploration companies with more than 5,000 km2 of tenements. The Company's mission is to acquire, explore and advance a portfolio of uranium projects with an emphasis on surficial deposits, in Argentina and other jurisdictions.
The Company is a member of the Grosso Group, a resource management group with experience in South America since 1993. As a member company of the Grosso Group, Blue Sky benefits from the signing of an agreement in principle for a strategic alliance with the Government of the Rio Negro province, Argentina, for the purpose of jointly exploring the potential for commercial mining activity. Argentina has an advanced nuclear industry, centered in the Rio Negro Province.
ON BEHALF OF THE BOARD
Mr. Sean Hurd, President and CEO
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.