Uranium juniors: an investor still unnamed after ten weeks, a price cut 18 days in, and 55,013 hectares for about C$1 million

Standard Uranium (TSXV: STND): second extension

On August 7, Standard Uranium announced a C$3 million strategic investment: 39,215,686 units at C$0.0765, each with half a warrant at C$0.115 for 36 months. The buyer is described only as "a leading arm's length conglomerate from a Southeast Asian nation" with interests in the energy sector. It would own about 19.7% and could nominate a director while it holds 10%.

On September 21 the company extended its deadline to file closing materials from September 21 to October 18. On October 15 it extended again, to November 16, saying the investor "is in the final stages of obtaining the required governmental and banking approvals in its local jurisdiction." The October release does not mention the first extension and still does not name the investor.

Skeleton Coast Uranium (TSXV: SKEL): repriced

Skeleton Coast's September 21 placement offered up to 33,333,334 units at C$0.15. On October 9 it revised the deal to up to 40,000,000 units at C$0.125, still for up to C$5 million and still with half a warrant at C$0.20. By our arithmetic the price fell about 17% while the warrant price stayed put. The release calls this an "update" and does not state the old terms. It also says there has been "insufficient exploration to define a Mineral Resource" on any of its licences.

Myriad Uranium (CSE: M) and Green Shift (TSXV: GCOM)

Myriad agreed to buy the Los Altares project in Chubut, Argentina, from Green Shift for C$300,000 cash and 1,571,268 shares at a deemed C$0.4455, which Green Shift values at C$700,000. Green Shift keeps a 2% royalty, half of which can be bought back for C$1 million.

The package is 23 properties over 55,013 hectares, but only one of three exploration permits and four of 20 exploitation permits are granted; the rest are "in due process." The release cites resources on neighbouring deposits, not on Los Altares, and says no hydrogeological, permeability or metallurgical work has been done to test whether in situ recovery would work. The qualified person has not verified the historical data and is not independent.

Sources: Standard Uranium August 7, September 21 (reprint) and October 15; Skeleton Coast September 21 (reprint) and October 9; Myriad Uranium; Green Shift Commodities.