ISENF - IsoEnergy Announces Upsize in Bought Deal Private Placement to $20 Million | Benzinga
SASKATOON, Saskatchewan, Jan. 19, 2024 (GLOBE NEWSWIRE) -- IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV:ISO, OTCQX:ISENF) is pleased to announce that it has entered into an amended agreement with Eight Capital, as co-lead underwriter and joint bookrunner on behalf a syndicate of underwriters (collectively, the "Underwriters"), including Haywood Securities Inc., as co-lead underwriter and joint bookrunner, pursuant to which the Underwriters will now purchase for resale, on a "bought deal" basis, 3,200,000 federal flow-through common shares of the Company (the "Premium FT Shares") at an offer price of C$6.25 per Premium FT Share (the "Issue Price"), for aggregate gross proceeds of C$20,000,000 (the "Offering").
The Company has granted the Underwriters an option to purchase for resale up to an additional 15% of the Premium FT Shares at the Issue Price (the "Over-Allotment Option"). The Over-Allotment Option will be exercisable in whole or in part, up to 48 hours prior to the closing date of the Offering.
The proceeds from the issuance of the Premium FT Shares are expected to be used to incur eligible "Canadian exploration expenses" ("CEE") as defined in the ITA that will qualify as "flow-through critical mineral mining expenditures" as defined in the ITA, after the closing date and on or prior to December 31, 2025 in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of Premium FT Shares. IsoEnergy will renounce the CEE (on a pro rata basis) to the applicable subscriber of Premium FT Shares with an effective date of no later than December 31, 2024 in accordance with the ITA. The proceeds from the Offering are expected to be used for exploration of the Company's Athabasca Basin Portfolio, including the Larocque East Project and Hawk Project, and for exploration of the Company's Quebec properties.
The Offering is scheduled to close on or about February 9, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange (the "TSXV"). The Premium FT Shares issued pursuant to the Offering will be subject to a hold period of four-months and one day from the closing date of the Offering.
In connection with the Offering, the Underwriters will receive a cash commission equal to 6.0% of the gross proceeds of the ...