TORONTO, ONTARIO--(Marketwire - Feb. 26, 2013) - Homeland Uranium Inc. ("Homeland") or (the "Company") announces that the Board has approved the completion of a unit offering at a price of C$0.005 per unit. Each unit is comprised of one common share and one common share purchase warrant. Under the unit offering, the Company will issue a total of up to 100 million common shares and 100 million common share purchase warrants (the "Warrants") for gross proceeds of C$500,000 on a non-brokered basis. The securities are subject to hold periods in accordance with requisite securities laws. The exercise price of the Warrants will be C$0.01 per Warrant, expiring in two years. The Company will close the first tranche of the financing on February 26, 2013 issuing 80 million Units for gross proceeds of C$400,000. Completion of a second tranche may occur by March 31, 2013. No finder's fees were paid in conjunction with this financing.
As part of the first tranche St. Peter Port Capital Limited ("SPPC") has purchased 50 million units for gross proceeds of $250,000.
The Company plans to use the proceeds of this financing for working capital purposes and to complete the renewal of its uranium exploration licences in Niger.
Current shareholders and interested investors are welcome to participate in this financing, subject to applicable eligibility requirements. Please contact the Company with any questions.
In conjunction with the investment by SPPC, the Company is pleased to announce the appointment of Mr. Michael Wood to Homeland's Board of Directors. Mr. Wood has 10 years of experience at all levels of the mining industry; exploration and development, operations, and financing. Trained as a Mining Engineer, he has worked for listed and unlisted entities, and is currently Mining Analyst for St. Peter Port Investment Management.
Homeland Uranium Inc. is a Canadian-based mineral resource company focused on uranium with its flagship property in Niger.
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.