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Standard Uranium Announces Closing of Private Placement for C$4.25 Million in Aggregate Proceeds

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Standard Uranium Announces Closing of Private Placement for C$4.25 Million in Aggregate Proceeds

 

 

 

 

 

Standard Uranium Ltd. (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. Under the second tranche, the Company sold 750,000 units at a price of C$0.11 per unit and 15,386,154 flow-through units of the Company at a price of C$0.13 per FT Unit for aggregate gross proceeds of C$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 aggregate gross proceeds of C$4,254,530.02.

 

Each Unit consists of one common share of the Company and one half of one common share purchase warrant. 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) and one half of one Warrant. Each whole Warrant shall entitle the holder to purchase one common share of the Company at a price of C$0.17 at any time on or before that date which is twenty-four months after the issue date.

 

The net proceeds raised from the Offering will be used for the 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 expenditures” as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised 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 arms-length brokerage firms of C$120,012 cash and 923,169 finder’s warrants, each finder’s warrant exercisable for one Unit at an exercise price of C$0.11 per Unit until October 21, 2024. Aggregate finder’s fees of C$227,191.75 cash and 1,799,955 finder’s warrants were paid to the Finders from both tranches.

 

All securities issued in the second tranche of the offering are subject to a statutory hold period until February 22, 2023.

 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Offered Securities, nor shall there be any sale of the Offered Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Offered Securities being 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 within the United States or to, or for the account or benefit of, a U.S. person.

 

About Standard Uranium

 

We find the fuel to power a clean energy future

 

Standard Uranium is a uranium exploration company with a focus on the world-class Athabasca Basin in Saskatchewan Canada. Since its establishment, Standard Uranium has focused on the identification and exploration of Athabasca-style uranium targets with a view to discovery and future development.

 

Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises 7 mineral claims over 20,006 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones support provide significant confidence in the exploration model and future success is expected.

 

Posted October 25, 2022

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