Uranium Participation Raises $100M on IPO

On May 10, 2005, Uranium Participation Corp. completed its initial public offering. An aggregate of 18 million units were sold at $5 per unit, for aggregate gross proceeds of $90 million. Each unit is comprised of one common share and one-quarter purchase warrant of Uranium Participation. A syndicate of agents for Uranium Participation initial public offering was led by Sprott Securities Inc., and included Dundee Securities Corp., TD Securities Inc., National Bank Financial Inc. and Canaccord Capital Corp. On May 19, 2005, Uranium Participation completed the over-allotment option granted to the agents. An aggregate of 2 million units were sold for gross proceeds of $10 million, bringing the total amount of equity capital raised by Uranium Participation to $100 million.

Uranium Participation was created to invest in, hold and may subsequently sell uranium oxide in concentrates (U3O8). The objective of Uranium Participation is to provide an investment alternative for investors interested in holding U3O8.

Uranium Participation was represented in Canada by Cassels Brock & Blackwell LLP with a team that included Norman Findlay, John Vettese, Tom Koutoulakis, Brad Chapman (securities) and Christopher Norton (tax); and in the US by Dorsey & Whitney LLP with a team that included Gil Cornblum (securities) and Gabe Gartner (tax).

The agents were represented by Lang Michener LLP with a team that included Philippe Tardif, Dunia El-Jawhari, John Conway (securities) and Patrick Westaway (tax).