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| Home : Homeland Uranium Inc. Announces Reverse Takeover Transaction, Private Placement and Listing on Canadian Securities Exchange Together With Proposed Name Change, Consolidation and Reorganization |
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Nov 21
2014 |
Homeland Uranium Inc. Announces Reverse Takeover Transaction, Private Placement and Listing on Canadian Securities Exchange Together With Proposed Name Change, Consolidation and Reorganization |
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TORONTO, ONTARIO--(Marketwired - Nov. 20, 2014) - Western Uranium (the name under which Homeland Uranium Inc. [the "Company"] currently operates) is pleased to announce that it has entered into a share exchange agreement with, among others, Pinon Ridge Mining LLC ("PRM") dated November 6, 2014, pursuant to which the Company's wholly-owned Utah subsidiary has acquired all of the issued and outstanding securities of PRM for total consideration of $33,000,000 (the "Acquisition") paid in common shares of the Company. In conjunction with the Acquisition, the Company has completed a private placement raising gross proceeds of $275,662.24. The Company has also called a special meeting of its shareholders, scheduled to commence on December 15, 2014, to seek approval for the consolidation of its common shares on a 1 for 800 basis (the "Consolidation"), and to formally change the Company's name to "Western Uranium Corporation". On a post-Consolidation basis, the Company issued 118,820 post-Consolidation common shares at a price of $2.32 per share to the investors in the Private Placement, and 11,000,000 post-Consolidation common shares for the purchase of PRM at a price of $3.00 per share. |
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| Source:http://www.marketwired.com/mw/release.do?id=1970647&sourceType=3 |
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