White Canyon Uranium secures underwriter for listed options
Utah uranium producer White Canyon Uranium (ASX: WCU) has signed an underwriting agreement for the outstanding listed options due to expire on 29th January 2010.
The options have an exercise price of $0.25. Last sale price for the options was $0.029.
Cunningham Peterson Sharbanee Securities Pty Ltd will underwrite the listed options.
There are a total of 91,556,610 listed options on issue, which will raise a total of $22,889,152.50 if all options are converted into fully paid ordinary shares.
The current option holders retain the right to exercise their options prior to the expiry date.
Peter Batten, White Canyon’s managing director said “this is an exciting time for the company and a cash injection from the option exercise is perfect timing for the company to be able to utilise these additional funds”.
The company said today it is expected these funds will be used as part of the platform to advance White Canyon’s projects through the fast tracking of exploration and mining feasibility studies.
White Canyon expects production rates at the company's Utah projects to increase as well as additional mines resulting from this work.
WCU Price at posting:
31.0¢ Sentiment: LT Buy Disclosure: Held
