Uragold Bay investor converts $250,000 escrowed cash
2016-02-29 16:00 ET - News Release
Mr. Bernard Tourillon reports
TAIWANESE VENTURE CAPITAL GROUP CONVERTS ESCROWED DEPOSITS TO EQUITY
A Taiwanese venture capital group, through Stone River Capital LLC (see press release dated Dec. 1, 2015), has notified Uragold Bay Resources Inc. of its intention to convert its $250,000 escrowed cash instalment into shares of Uragold, effective immediately, and prior to commencement of the recently announced testing and validation of the Purevap quartz vaporization reactor process.
Private placement
As a result of this, Uragold is pleased to announce that it has closed a non-brokered private placement consisting of the issuance and sale of an aggregate amount of 4,375,000 units at eight cents per unit for gross proceeds of $350,000. The net proceeds from the private placement will be used for general corporate expenditures and exploration activities.
The financing provides Uragold with resources to market its worldwide exclusive technology grant from PyroGenesis Canada Inc. to convert its highly coveted high-purity quartz projects into the highest purity, lowest-cost supplier of solar-grade silicon metal and polysilicon to the solar industry (see press release dated Sept. 30, 2015).
Each unit comprises one common share and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one common share of the capital stock of the company at an exercise price of 12 cents during a period of 36 months from the date of closing of the placement. Each share issued pursuant to the placement will have a mandatory four-month holding period from the date of closing of the placement. The placement is subject to standard regulatory approvals.
Bernard Tourillon, chairman and chief executive officer of Uragold, stated: "The investors' decision to request the immediate conversion of the funds held in escrow for shares of Uragold is a positive affirmation of the Purevap QVR potential in Asia. As I stated in our Sept. 30 release, this technology represents a potential quantum leap forward for the solar panel industry becoming a more competitive source of renewable energy. The funding with our Taiwanese partners provides further third party validation of that statement."
We seek Safe Harbor.
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