Blue Sky Uranium Completes Warrant Exercise Incentive Program
Blue Sky Uranium Corp. (OTC: BKUCF) announced the successful exercise of 4,760,000 warrants through its Incentive Program, generating $1,190,000 in gross proceeds. The company issued an equal number of incentive warrants, allowing holders to acquire shares at $0.35 until October 23, 2024. The funds will be allocated to working capital and exploration in Argentina, enhancing the company’s uranium project potential. The exercise is subject to a hold period and a formal application for exchange acceptance will be submitted.
- Raised $1,190,000 in gross proceeds from warrant exercise.
- Issued incentive warrants could lead to further capital inflow if exercised.
- A substantial number of warrants (5,793,333) expired unexercised.
- Insider participation could raise concerns about potential conflicts of interest.
VANCOUVER, BC, Oct. 26, 2021 /PRNewswire/ - Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), "Blue Sky" or the "Company") is pleased to announce that pursuant to the Company's warrant exercise incentive program (the "Incentive Program") as announced on October 7, 2021, certain warrant holders have exercised a total of 4,760,000 warrants for total gross proceeds to the Company of
The Company has issued 4,760,000 common shares through the exercise of the original warrants and issued 4,760,000 incentive warrants. Each incentive warrant entitles the holder to acquire an additional common share of the Company at a price of
A portion of the Placement Warrants, eligible for participation in the Incentive Program, are held by insiders of the Company. Participation by any such insiders in the Incentive Program may constitute a related party transaction pursuant to Multilateral Instrument 61-101 – Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation requirement pursuant to subsections 5.5(a) and (b) of MI 61-101, and from the minority approval requirement pursuant to subsection 5.7(1)(a) of MI 61-101
The balance of the 5,793,333 warrants that were not exercised under the Incentive Program expired on October 23, 2021.
The Company will now apply to the TSX Venture Exchange for final acceptance to close the Incentive Program.
The Company intends to use the proceeds from the exercise of any Placement Warrants for working capital and exploration on its properties in Argentina.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina. The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________________
Nikolaos Cacos, President, CEO and Director
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.
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SOURCE Blue Sky Uranium Corp.
FAQ
What is the significance of Blue Sky Uranium's recent warrant exercise on October 26, 2021?
How many warrants were exercised by Blue Sky Uranium on October 26, 2021?
What will the proceeds from the warrant exercise be used for?
What are the conditions on the incentive warrants issued by Blue Sky Uranium?
What happened to the remaining warrants that were not exercised?
