Consolidated Uranium Inc. (TSX-V: CUR) (OTCQX: CURUF) is pleased to announce that, further to its press release on May 24, 2023 regarding the creation and planned spin- of Premier American Uranium Inc. PUR has completed its previously announced fully marketed private placement for gross proceeds of C$6,938,136 from the sale of 4,625,424 subscription receipts of PUR at a price of C$1.50 per Subscription Receipt. Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents including PI Financial Corp.

Each Subscription Receipt entitles the holder thereof to automatically receive, upon satisfaction or waiver, as applicable, of certain escrow release conditions, one unit of PUR. Each Unit will be comprised of one common share of PUR and one-half of one common share purchase warrant of PUR. Each whole Warrant will entitle the holder to purchase one common share of PUR at a price of C$2.00 for a period of 36 months following the date of issuance of the Warrants. The Escrow Release Conditions include the satisfaction of all conditions precedent to the completion of the Spin-Out as well as receipt of conditional approval for the listing of PUR’s common shares on the TSX Venture Exchange.

The Agents have an option, exercisable in whole or in part within 30 days of the date of closing of the PUR Offering, to offer for sale up to an additional 2,333,334 Subscription Receipts at the Offering Price for additional gross proceeds of up to $3,500,000.

The proceeds of the PUR Offering, net of the cash commission payable to the Agents and the reasonable out-of-pocket expenses of the Agents, will be held in escrow and not released to PUR unless the Escrow Release Conditions are satisfied on or before December 22, 2023. Following the satisfaction of the Escrow Release Conditions, the net proceeds of the PUR Offering are expected to be used to fund the proposed exploration programs for PUR’s projects located in the Great Divide Basin of Wyoming and the Uravan Mineral Belt of Colorado as well as for working capital and general corporate purposes.

In addition, PUR issued 174,343 broker warrants to the Agents. Each Broker Warrant entitles the holder to purchase one common share of PUR at the Offering Price for a period of 36 months following the closing of the PUR Offering.

This news release does not constitute an offer of securities for sale in the United States. The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About Consolidated Uranium

Consolidated Uranium Inc. was created in early 2020 to capitalize on an anticipated uranium market resurgence using the proven model of diversified project consolidation. To date, the Company has acquired or has the right to acquire uranium projects in Australia, Canada, Argentina, and the United States each with significant past expenditures and attractive characteristics for development.

The Company is currently advancing its portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah and Colorado, with a toll milling arrangement in place with Energy Fuels Inc., a leading U.S.-based uranium mining company. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning CUR as a near-term uranium producer.