U308 Corp. (TSX:UWE) announced a non brokered private placement of 6,819,000 units at CAD 0.22 per unit for gross proceeds of CAD 1,500,180 on December 14, 2012. Each unit consists of one common share and one-half of a share purchase warrant. Each warrant shall entitle the holder to purchase one share at a price of CAD 0.30 for a period of 24 months from the closing date. The insiders of the company intend to participate either directly or indirectly in the transaction. The securities issued will be subject to a four month holding period and subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

On December 20, 2012, the company amended the terms of the transaction. The company shall now issue approximately 14,000,000 units at CAD 0.22 per unit for gross proceeds of CAD 3,080,000. The units will be issued in two tranches.

On December 28, 2012, the company closed the first tranche of the transaction. The company issued 3,846,337 units for gross proceeds of CAD 846,194; of which $46,423 (CAD 46,200.17) was raised from two investor pursuant to Regulation D. The securities issued under the first tranche are subject to a hold period expiring on April 29, 2013. The company paid CAD 17,160 as finders' fees with respect to the first tranche. The conversion was mentioned in SEC Filing - Form D dated January 17, 2013.

On January 11, 2013, U308 Corp. closed the transaction. The company closed the final tranche of the transaction. The company issued 10,525,000 units for proceeds of CAD 2,315,500 in the final tranche. The company has raised total of 14,371,337 units for gross proceeds of CAD 3,161,694. Securities issued in final tranche are subject to hold period till May 12, 2013. Existing investor, Pinetree Capital Ltd. subscribed for 10,000,000 units for CAD 2,200,000. The warrants issued in this tranche will expire on January 11, 2015.