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GoviEx Uranium (CSE: GXU) New Listing

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GoviEx Uranium is one of the latest new listings on the Canadian Securities Exchange, and is trading under the symbol “GXU”. The company’s IPO was priced at US$2.15, with Salman Partners acting as agent.

Additional Information:

Company: GoviEx Uranium
Website: http://www.goviex.com/
Stock Symbol: CSE: GXU
Date Published: Jun 23, 2014
Transcript: Available

Video Transcript:

I’m Renee Hammond for Investmentpitch.com

GoviEx Uranium is one of the latest new listings on the Canadian Securities Exchange, and is trading under the symbol “GXU”. The company’s IPO was priced at US$2.15, with Salman Partners acting as agent.

The company issued 739,849 Class A common shares, raising approximately US$1.6 million is gross proceeds.

Concurrent with the completion of the IPO, GoviEx redeemed a convertible bond held by Toshiba Corporation worth a total of US$60.34 million, with Toshiba receiving 28.4 million Class A common shares

Of the 117.1 million Class B common shares previously outstanding and subject to resale restrictions, the company converted 28.7 million, or 24.5% into free trading Class A common shares, giving the company 57.8 million Class A shares on the exchange.

Govind Friedland, GoviEx Uranian’s Executive Chairman stated, “The closing of the IPO marks a major milestone for GoviEx as Toshiba Corporation, one of the world’s largest nuclear power reactor vendors, has become a major shareholder with a 19.42% interest in the company.”

The company’s principal objective is to become a significant uranium producer through the continued exploration and development of its Madaouela Project and its other uranium properties in Niger (map), the world’s 4th largest uranium-producing nation.

The company’s Madaouela Project, which consists of seven brownfields exploration permits, is adjacent to the Somair and Cominak uranium mines partially owned and operated by Areva, which currently provides approximately 7.5% of the world’s mined uranium from Africa’s highest-grade uranium ores.

The company intends to use the net proceeds of the IPO, together with existing working capital, to fund the completion of an environmental and social impact assessment that together with the feasibility study will be used to file for a mining licence.

The Technical Report, which is filed on Sedar.com, forecast an annual production of 2.53 million pounds per year of uranium yellowcake and an 83% recovery rate, generating a 18-year mine life.

For more information, please visit the company’s website www.goviex.com or contact Bill Trenaman at 604-331-9882 or email info@goviex.com.

I’m Renee Hammond for Investmentpitch.com
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