Northwestern Mineral Ventures Inc
Thursday, August 2nd, 2007
Northwestern Mineral Ventures Inc is pleased to announce the completion of the previously announced private placement of shares of its joint venture company with UraMin, Niger Uranium Limited, to raise gross proceeds of US$19 million, with Haywood Securities (UK) Ltd. as agent. The proceeds of this private placement will be used to fund the activities of Niger Uranium to advance eight uranium concessions in Niger. Niger Uranium now has a treasury in excess of US$30 million.
In the financing, Niger Uranium issued 19,090,000 shares at a price of 50 pence per share. Cash commission of 6% was paid on gross proceeds together with 1,145,400 broker warrants, each entitling the holder to acquire shares of Niger Uranium at a price of 50 pence for a period of two years.
On closing, the private placees now hold a total of 23% of Niger Uranium consisting of 19,090,000 shares. Northwestern maintains a 38.5% interest consisting of 31,955,000 shares. UraMin (now part of Areva) is holding its 38.5% equity stake, which consists of 31,955,000 shares, in trust for distribution to its shareholders as previously announced in a press release issued by UraMin on June 15, 2007. Niger Uranium has issued a total of 83,000,000 shares.