Wednesday, April 2, 2008

Per BUSINESSWEEK: VUI "engages in mining and milling"

Either BusinessWeek has gotten it wrong or there's more going on at Coles Hill than meets the eye.

Link to BusinessWeek snapshot of VUI webpage:

http://tinyurl.com/2runzr


Virginia Uranium Inc.

Company Overview

Virginia Uranium, Inc. engages in mining and milling a uranium deposit in Pittsylvania County. The company is based in the United States.

Key developments

Virginia Uranium Inc. announced that it has received CAD 19 million in funding from Aberdeen International Inc.

Virginia Uranium Inc. announced that it has issued 12,666,666 special warrants at CAD 1.50 per warrant for gross proceeds of CAD 19 million on October 15, 2007. Aberdeen International Inc. also participated in the round. Aberdeen International Inc. was issued 666,667 special warrants for proceeds of CAD 1 million. Each special warrant entitles to acquire one common share for no additional consideration. If the company does not complete an initial public offering by the date that is four months following the closing of the financing, the special warrant will be exercisable for 1.1 common shares. A syndicate of placement agents served the company which was led by Cormark Securities Inc and included CIBC World Markets, Raymond James Ltd., Canaccord Capital Corp, Wellington West Capital Markets Inc., and Westwind Partners Inc.

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