International Consolidated Uranium Inc. (TSX-V: CUR) is pleased to announce that it has closed its previously announced “bought deal” private placement with Haywood Securities Inc. and Red Cloud Securities Inc. as co-lead underwriters. The Offering consisted of an aggregate of 5,025,000 units of the Company, including the full exercise of the Underwriters’ option, at a price of C$1.20 per Unit for aggregate gross proceeds of C$6,030,000.

Philip Williams, President and CEO commented “We are pleased to have closed another successful, oversubscribed offering. This financing not only strengthens the Company’s balance sheet but also expands our institutional shareholder base. Over the past few months, the uranium sector has enjoyed a resurgence of investor awareness and interest. As a relatively new entrant, with a unique approach, we believe we are well positioned benefit from this increased attention as we work to execute on our plan of acquiring and developing uranium projects around the world.”

Each Unit consists of one common share in the capital of the Company and one-half of one Common Share purchase warrant  of the Company. Each Warrant is exercisable to acquire one Common Share at a price per Warrant Share of C$1.80 until March 4, 2024.

The net proceeds from the Offering are expected to be used for exploration and development of the Company’s uranium properties, for potential acquisitions, and for working capital and general corporate purposes.

In connection with the Offering, the Underwriters received a cash commission equal to 7.0% of the gross proceeds of the Offering and such number of non-transferable compensation options equal to 7.0% of the aggregate number of Units sold under the Offering. Each Compensation Option is exercisable to acquire one Common Share at the Issue Price until March 4, 2023. All securities issued under the Offering are subject to a statutory hold period under Canadian securities legislation expiring on July 5, 2021.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About International Consolidated Uranium

International Consolidated Uranium Inc. (formerly, NxGold Ltd.) is a Vancouver-based exploration and development company. The Company has entered option agreements to acquire five uranium projects in Australia, Canada and Argentina each with significant past expenditures and attractive characteristics for development. With Mega Uranium Ltd. (TSX: MGA), the Company has the right to acquire a 100% interest in the Ben Lomond and Georgetown uranium projects in Australia; with IsoEnergy Ltd. (TSXV: ISO), the right to acquire a 100% interest in the Mountain Lake uranium project in Nunavut, Canada; with a private individual, the Company has the right to acquire a 100% interest in the Moran Lake uranium and vanadium project in Labrador, Canada; with U3O8 Corp. (TSXV: UWE.H), the Company has the right to acquire a 100% interest in the Laguna Salada uranium and vanadium project in Argentina; and the Company has acquired the Dieter Lake project in Quebec, Canada. The Company entered into the Mountain Lake option agreement with IsoEnergy Ltd. on July 16, 2020, and the transaction remains subject to regulatory approval, as does the transaction with U3O8 Corp. on the Laguna Salada Project.

In addition, the Company owns 80% of the Mt. Roe gold project located in the Pilbara region of Western Australia and an equity interest in Meliadine Gold Ltd., the owner of the Kuulu Gold Project (formerly known as the Peter Lake Gold Project) in Nunavut.