Gamma Resources closes $1.75M private placement for uranium exploration

Gamma Resources Ltd. (TSXV: GAMA, OTCQB: GAMXF, FRA: MRD0) has closed the second and final tranche of a non-brokered private placement, raising aggregate gross proceeds of $1,750,000, according to a company statement.

The second tranche generated $877,500 through the issuance of 10,968,750 units at $0.08 per unit. Each unit consists of one common share and one non-transferable warrant exercisable at $0.12 per share for 36 months from closing. The full placement totals 21,875,000 units.

Finders' fees related to the second tranche include $7,770 in cash and 97,125 finders' warrants, each exercisable at $0.08 per share for 24 months from closing.

Company insiders participated in the second tranche, acquiring an aggregate of 1,562,500 shares. The transaction is classified as a related party transaction under Multilateral Instrument 61-101 but is exempt from formal valuation and minority shareholder approval requirements, as the value of securities issued to related parties does not exceed 25% of the company's market capitalization.

CEO Gabriel Alonso Mendoza stated that proceeds will be directed toward exploration at the company's Mesa Arc project in New Mexico and its Green River project in Utah, as well as general working capital and corporate purposes.

All securities issued are subject to a four-month plus one day hold period from closing. The completion of the second tranche remains subject to acceptance by the TSX Venture Exchange.

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