GoviEx Uranium Inc. (TSX-V: GXU) (OTCQB: GVXXF) is pleased to announce that further to its announcement on August 6, 2020, that it has closed the last tranche of a non-brokered private placement offering of a total 35,714,286 units at a price of C$0.14 per Unit for gross proceeds of approximately C$5 Million.

Each Unit consist of one Class A common share in the capital of the Company one transferable share purchase warrant. Each Warrant entitles the holder to acquire one Common Share until August 6, 2025, at an exercise price of US$0.15 per Warrant Share, subject to applicable adjustment.

All securities issued under this Private Placement are subject to a hold period and may not be traded before December 7, 2020. In addition, securities issued to subscribers in the United States are subject to a hold period under the United States Securities Act of 1933, as amended (the “1933 Act“) and can only be resold in strict compliance with the applicable exemptions from the registration requirements of the 1933 Act.

The net proceeds from the Private Placement will be used to fund continued exploration and development activities on GoviEx’s Madaouela, Mutanga and Falea projects and for general working capital purposes.

In connection with the last tranche of the Private Placement, the arm’s length finder, Red Cloud Securities Inc. will receive a cash commission of C$15,540 (being 6% of the gross proceeds raised under the last tranche of the Private Placement from subscriptions sourced by Red Cloud) and non-transferable finder’s warrants (equal to 6.0% of the number of Units sold under the last tranche of the Private Placement to subscribers sourced by Red Cloud) to acquire up to 111,000 Common Shares at a price of C$0.14 per Finder’s Warrant Share until August 6, 2025, subject to applicable adjustment.

The Private Placement remains subject to final TSX Venture Exchange acceptance.

About GoviEx Uranium

GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.