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Uragold Bay Resources Inc. (TSX VENTURE:UBR
- News), announces that it
has closed a brokered private placement announced December 3, 2010, for a
total placement of $ 294,000.
This will result in a total sale of 294
units ('Unit'), that consist of fifteen thousand
(15,000) flow-through common shares at a price of $0.05 per share, five
thousand (5,000) common shares at a price of $0.05 per share and twenty
thousand (20,000) common share purchase warrants. Each Warrant will entitle
the holder thereof to purchase one common share of the capital stock of the
Company that is not a "flow-through share" ("Common
Share") at an exercise price of $ 0.10 during a period of 24 months from
the date of closing of the placement. Each share issued pursuant to the
placement will have a mandatory four (4) month holding period from the date
of closing of the placement.
In connection with this placement, the
Corporation will pay a cash finder's fees of $ 29,400 to Jones, Gable &
Company Limited and issue 29 Agent options entitling the Agent to purchase 29
Units at a price of $1,000.00 per Unit. Each Unit will allow the Agent to
acquire twenty thousand (20,000) common shares of the Corporation and twenty
thousand (20,000) common share purchases warrants with an exercise price of $
0.10 during a period of 24 months from the date of closing of the placement.
Bernard Tourillon,
UBR Chairman and CEO comments: "With the closing of this private
placement, the Corporation will have succeeded in raising $ 1,310,000 during
the month of December 2010. These funds give the Corporation more then the required liquidity to start in early January
2011 its drilling programme previously
announced."
About Uragold
Bay Resources Inc.
Uragold Bay Resources is a junior exploration
company trading on the TSX Venture Exchange under the symbol UBR. Uragold is a top claims holder in Southern Quebec's
Appalachian belt. The properties benefit from extensive historical
exploration work and from well-established infrastructure thereby helping to
reduce exploration risks. Uragold's business model
focuses on developing, a series of potential small scale low-cost gold mining
operations including the Beauce Placer, the Calway, the Riviere du Loup, Riviere Bergeron, and Grande
Coulee for their potential in generating cash flow while simultaneously
exploring core properties that hold the potential for the discovery of blue
sky gold deposits like the MacDonald project.
The recent rise in Uranium prices
combined with the discovery of Rare Earth Element deposits in the area close
to Uskawanis, allows the Corporation to explore
once again the potential of our James Bay projects.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Bernard J. Tourillon
Uragold Bay Resources Inc.
Chairman and CEO
514-846-3271
Toll-free 1-888-666-3431
www.uragold.com
Patrick Levasseur
Uragold Bay Resources Inc.
President and COO
514-846-3271
Toll-free 1-888-666-3431
www.uragold.com |