WUC To Raise Capital

Western Uranium to raise capital as it prepares for Colorado project

Western Uranium Corp. plans to boost funds and search a U.S. share itemizing after subsequent month’s completion of its $13 million share deal to purchase Australia’s Black Vary Minerals Ltd.

Western may promote inventory or borrow as a lot as C$5 million because the Toronto-based developer of U.S. uranium deposits prepares to start mining at its Sunday Mine complicated close to Uravan, stated chief government George Glasier on Tuesday.

“We have to do an fairness increase, and we might do some debt,” Glasier stated. “We have been ready for the Black Vary deal to undergo.”

A cornerstone of Western’s plan for the Sunday Mine is using so-called ablation mining know-how that it’ll purchase the appropriate to make use of by way of the acquisition of Black Vary, based mostly in West Perth, Western Australia.

The know-how, which includes scouring uranium-laden sandstone particles, has the potential to scale back the price of mining sure varieties of deposits, Glasier stated.

The Black Vary transaction is scheduled to shut Sept. 17, Glasier stated. Western, which already trades in Toronto, plans to listing its shares within the U.S. by early subsequent yr.

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