CanAlaska Uranium Ltd., symbol CVV on Toronto, has agreed to sell up to 3,150,000 units for $0.69 each. Each unit consists of one common share and one half of a warrant. One whole warrant will let the holder buy an additional common share for $0.83.
CanAlaska will receive roughly $2.2 million from the unit sale. That’s equal to 22% of this uranium stock’s $10.1 million market cap. It will use the cash to further explore and develop its 21 uranium projects in Saskatchewan’s Athabasca Basin region, sometimes referred to as the “Saudi Arabia of uranium.”
Uranium stocks: CanAlaska has one of the largest positions in the Basin
Since September 2004, the company has acquired one of the largest land positions in this area, totalling over 2.5 million acres. To date, it has spent over $75 million exploring its properties and delineating multiple uranium targets.
It’s a long way between the exploration phase, which is now underway, and the commercial production phase, when the company starts making money. But we think CanAlaska has a better-than-average chance of success.
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