European Uranium Resources increases financing volume
Vancouver, November 7, 2013 - European Uranium Resources, Ltd. (EUU: TSX-V; EUUNF: OTCQX; TGPN: Frankfurt) announces new information on the previously announced funding from Global Resources Investments Ltd (“GRIL”).
In addition to the company's press release from the 11. October 2013 announces that it has renegotiated its private placement with GRIL. The company now plans to earn 1.250.000 $ proceeds through the sale of 12.500.000 common stock at a price of 0,10 $ per share. GRIL will participate in approximately 19,3% of EUU following this transaction (on an undiluted basis). These EUU shares are tied to a four-month holding period.
GRIL was established to capitalize on investment opportunities among junior companies in the international mining and raw materials sector. These investments are intended to generate capital growth over the medium to long term. GRIL will register as a publicly traded company and operate as an investment trust under the name Global Resources Investment Trust Plc ("GRIT"). The Company will apply for the listing of its common stock in the main market for listed securities on the London Stock Exchange.
In return for the acquisition of the EUU Shares, GRIT will in turn deliver 751.744 GRIT Ordinary Shares to EUU at a price of £ 1,00 per share (the “GRIT Shares”). EUU will then from time to time dispose of the GRIT shares acquired through the London Stock Exchange in accordance with applicable securities laws in order to generate cash. The proceeds from the private placement will be used to further expand the Kuriskova uranium project in Slovakia, as well as working capital and general operational purposes.
A number of requirements must be met to complete the transaction, including the approval of the TSX Venture Exchange and the successful IPO of GRIT on the London Stock Exchange.
A commission in the form of GRIT shares will be paid in respect of this transaction.
AREVA has not exercised its right to purchase additional EUU shares under the terms of this funding.
About European Uranium Resources Ltd.
European Uranium Resources Ltd. is an ambitious European uranium exploration and development company with an extensive portfolio of great projects in Slovakia. European Uranium is well on the way to becoming Europe's most important uranium exploration and development company. Europe is the world's largest consumer of uranium in terms of per capita consumption. Currently, 160 reactors are in operation and others are under construction or planning, but there is only one active uranium mining operation. The company's own Kuriskova project could be one of the most cost-effective uranium production companies in the world. European Uranium has a strong and committed shareholder base. This includes AREVA, a global leader in the nuclear energy sector, which is one of the major uranium mining companies and nuclear energy operators.
EUROPEAN URANIUM RESOURCES LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
For more information, contact Dorian (Dusty) Nicol at (604) 536-2711 or visit www.euresources.com.
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
Precautionary note:
This press release contains forward-looking statements based on current expectations and estimates of the company. Forward-looking statements often include words such as "plan," "expect," "forecast," "intend," "believe," "anticipate," "estimate," "accept," "suggest," and similar expressions or statements. according to which certain events or conditions "can" or "become". These forward-looking statements are subject to risks and uncertainties and other factors that could cause actual events or results to differ materially from the anticipated events or results expressed or implied by such forward-looking statements. These factors include actual results of current exploration activities; Conclusions on economic valuations; Changes in the framework conditions of projects in the course of further planning; possible deviations in ore content and yield; accidents; labor disputes and other risks arising in the mining industry; Delays in regulatory approval or financing transactions; and fluctuations in metal prices. Other factors may cause actions, events or results to be different than expected, estimated or intended. Forward-looking statements relate solely to the time at which they are prepared. The Company therefore has no intention or obligation to update these forward-looking statements, whether as a result of new information or future events or results or otherwise, except as required by applicable securities laws. Forward-looking statements are not guarantees of future performance and it is therefore advisable not to overstate such statements due to uncertainties therein.
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(Source: IWR-Press.at)
