UPDATE 1-Uranium Participation to raise C$90 mln in bought deal

* To raise C$90 mln through bought-deal financing

* To sell 11.6 mln shares at C$7.75/shr

May 6 (Reuters) - Uranium Participation Corp (U.TO) said it plans to raise about C$90 million dollars ($76.60 million) by way of a bought-deal financing.

The company said it will sell 11.6 million shares at a price of C$7.75 a share through a syndicate of underwriters led by Cormark Securities Inc.

The company will use the proceeds to buy uranium oxide and/or uranium hexafluoride under a contract.

The underwriters have an option to purchase up to an additional 1.7 million in stock.

Uranium Participation shares closed up 23 Canadian cents at C$8.35 on the Toronto Stock Exchange.

($1=1.175 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Anil D'Silva)