Basin Uranium (CSE:NCLR) (OTCPink:BURCF) (FSE:6NP0), a Canadian junior exploration company focused on mineral exploration and development in the green energy sector, has announced non-brokered private placements for both regular units and flow-through shares. The company recently announced the commencement of a Phase two diamond drilling program at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco's Millennium uranium deposit.
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Basin Uranium (CSE:NCLR) (OTCPink:BURCF) (FSE:6NP0), a Canadian junior exploration company focused on mineral exploration and development in the green energy sector, has announced non-brokered private placements for both regular units and flow-through shares.
The company is looking to raise gross proceeds of up to $1 million from the placement of up to 6,666,667 units priced at $0.15 per unit.
The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.25 for 24 months.
The company is also looking to raise gross proceeds of up to $1 million from the placement of up to 5,555,555 flow-through shares priced at $0.18 per share.
The shares are currently trading at $0.165.
The proceeds from the flow-through share offering will be spent on the company's Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada, on which the company has an option to acquire a 75% interest.
The company recently announced the commencement of a Phase two diamond drilling program at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco's Millennium uranium deposit.
Phase two drilling, consisting of approximately 4,000 meters of core drilling in the southern portion of the project, is designed to follow-up on exciting targets generated from phase one drilling and recently completed geophysical surveys at Mann Lake.
The first hole of phase two will follow up on uranium mineralization reported on September 7th, when hole MN22-002 intersected 30 metres of 323 ppm U3O8 over 0.5 meters, below the unconformity, within a broader 7.2-metre interval of anomalous uranium and graphite mineralization.
Mike Blady, CEO, commented at that time: "Our phase one drill program has confirmed the northeast trending conductor corridor (A3) as highly prospective for uranium mineralisation with the first significant intersection of uranium at Mann Lake. We are greatly encouraged as these new results substantially upgrade the potential of the underexplored southeastern half of the project."
The proceeds from the unit offering will be used to conduct exploration and development work on its Wray Mesa project and for general working capital purposes.
The company owns the Wray Mesa project in southeastern Utah which has seen significant historic uranium and vanadium exploration and is located adjacent to the fully-permitted and production ready La Sal project.
The company also holds an option in the CHG gold exploration project located approximately 15 kilometers northwest of the town of Clinton in south-central British Columbia.
For more information, please visit the company’s website at www.BasinUranium.ca, contact Mike Blady, CEO at 604-722-9842 or by email at info@BasinUranium.ca.
