The company issued 10,152,134 flow-through (FT) units at CDN$0.15 ($0.12) per unit for gross proceeds of CDN$1.5m during the first tranche.
Each FT unit comprises one flow-through common share and one half of one non flow-through common share purchase warrant with each whole share purchase warrant exercisable into one common share for 24 months from the closing date at a price of $0.18 per share.
Kivalliq said that the second and final tranche of the financing will be on or about 28 April 2015 by issuing approximately an additional 10,000,000 units, at the price of CAD$0.12 ($0.09) per unit.
The company plans to use the proceeds to fund mineral exploration in Saskatchewan and the Nunavut Territory, Canada.
Kivalliq Energy has a portfolio of high-quality uranium exploration projects in Canada and also holds Canada’s highest-grade uranium resource outside of Saskatchewan.
