Standard Uranium Announces Closing of Private Placement for Aggregate Proceeds of C$4.25 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Oct. 24, 2022 (GLOBE NEWSWIRE) — Standard Uranium Ltd. (“standard uranium“or the”Company”) (TSX-V: STND) (OTCQB:STTDF) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement as announced by the Company on September 7, 2022 (the “Offer”). Under the second tranche, the Company sold 750,000 units (each, a “Unity”) at a price of C$0.11 per unit and 15,386,154 flow-through shares of the Partnership (each, a “FT unit», and collectively with the Units, the «Titles offered”) at a price of CA$0.13 per FT unit for total gross proceeds of CA$2,082,700.02. Combined with the first tranche of the Offering, the Company sold 9,923,259 Units and 24,330,554 FT Units for total gross proceeds of C$4,254,530.02.
Each Unit consists of one common share of the Company (each a “Unit share“) and one-half common share purchase warrant (each whole warrant, one “To guarantee”). Each FT Unit consists of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Sharing”) and half a term. Each whole warrant will entitle its holder to purchase one common share of the Company (each, a “Warrant Action”) at a price of C$0.17 at any time on or before such date, being twenty-four months after the date of issue.
The net proceeds from the Offering will be used for exploration of the Company’s projects and for working capital purposes. Proceeds from the sale of FT shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow-through mining expenses” as defined in subsection 127(9) of the Income Tax Act. (“Eligible expensesThis proceed will be waived to subscribers with an effective date no later than December 31, 2022, for an aggregate amount of at least the aggregate amount of gross proceeds from the issue of FT Shares.
In connection with the closing of the second tranche of the Offering, the Company paid finder’s fees to Red Cloud Securities Inc. and certain other independent brokerage firms (collectively, the “Researchers), C$120,012 in cash and 923,169 warrants, each warrant exercisable for one unit at an exercise price of C$0.11 per unit until October 21, 2024. two slices.
All securities issued under the second tranche of the offer are subject to a legal hold period until February 22, 2023.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities offered, and there will be no sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful. prior to registration or qualification under the securities laws of any such jurisdiction. The Offered Securities offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or profit of an American Person.
About Standard Uranium (TSX-V: STND)
We find the fuel to power a clean energy future
Standard Uranium is a uranium exploration company focused on the world-class Athabasca Basin in Saskatchewan, Canada. Since its inception, Standard Uranium has focused on the identification and exploration of Athabasca-type uranium targets for their discovery and future development.
Standard Uranium’s Davidson River project, in the southwestern part of the Athabasca Basin, Saskatchewan, consists of 7 mining claims over 20,006 hectares. The Davidson River holds great promise for subsurface-hosted uranium deposits due to its location along the trend of recent high-grade uranium discoveries. However, due to the large size of the project with multiple targets, it remains largely undertested by drilling. Recent intersections of broad structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.
For more information, contact:
Jon Bey, CEO and President
550 Denman Street, Suite 200
Vancouver, BC V6G 3H1
Tel: 1 (306) 850-6699
Email: [email protected]
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Forward-looking statements include, but are not limited to, statements regarding: the offering, including the intended use of proceeds of the offering, the timing and content of future work programs; geological interpretations; the timing of the Company’s exploration programs; and estimates of market conditions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements are highlighted in the “Risks and Uncertainties” section of the Company’s management report for the financial year. ended April 30, 2022, dated August 26, 2022.
Forward-looking statements are based on a number of estimates and assumptions which, although considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that could result in the actual financial results, performance or performance of the Company. materially different from those expressed or implied herein. Some of the important factors or assumptions used in making forward-looking statements include, but are not limited to: the future price of uranium; expected costs and the Company’s ability to raise additional capital if and when needed; the volatility of the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to conduct exploration and development activities; the success of exploration, development and mining activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mining properties; costs of operating and exploration expenses; the presence of laws and regulations that may impose restrictions on mining; employee relations; relations with local communities and indigenous peoples and their claims; the availability of rising costs associated with mining inputs and labor; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from governmental authorities); uncertainties relating to title to mineral properties; assessments by tax authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. All forward-looking statements and assumptions made in connection therewith are made as of the date of this press release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.