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UPDATE 1-Strateco to raise C$15 mln through private placement
January 20, 2010 / 10:28 PM / 8 years ago

UPDATE 1-Strateco to raise C$15 mln through private placement

* Says to use net proceeds for Matoush uranium project

* Says to pay Sentient 5 pct of gross proceeds as fee

Jan 20 (Reuters) - Canada’s Strateco Resources Inc RSC.TO on Wednesday said it plans to raise about C$15 million ($14.33 million) through a private placement with independent equity fund Sentient Group.

The company said it will use the proceeds mainly to finance its Matoush uranium project in Quebec’s Otish mountains.

Strateco said the agreement provides for Sentient to subscribe 100,000 units for C$95,000 and C$14.9 million of convertible notes.

The company expects to close the deal on or around Jan. 27 and said it would pay Sentient 5 percent of the gross proceeds of the deal as transaction fees.

Shares of the Montreal, Quebec-based company closed at 93 Canadian cents on the Toronto Stock Exchange.

$1=1.047 Canadian dollar Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel

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