The Prospector News

Standard Uranium Ltd. Announces Closing of C$5.0 Million Brokered Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Standard Uranium Ltd. Announces Closing of C$5.0 Million Brokered Private Placement

 

 

 

 

 

Standard Uranium Ltd. (TSX-V: STND) (OTCQB:STTDF) (Frankfurt: FWB:9SU) is pleased to announce that it has closed its brokered private placement for gross proceeds of C$5,000,000, which included the full exercise of the over-allotment option. Under the Offering, the Company sold 8,296,833 units of the Company at a price of C$0.24 per Unit and 11,353,812 flow-through units of the Company at a price of C$0.265 per FT Unit. Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents that included Canaccord Genuity Corp. and Echelon Wealth Partners Inc.

 

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 entitles the holder to purchase one common share of the Company at a price of C$0.36 at any time on or before August 10, 2024.

 

The net proceeds raised from the sale of Units will be used for the exploration and development of the Company’s Davidson River Project 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, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.

 

Under the Offering, the Company paid the Agents total cash commissions of C$237,757 and issued to the Agents 927,341 warrants of the Company. Each Broker Warrant is exercisable to acquire one Unit at a price of C$0.24 at any time on or before August 10, 2024. In addition, the Agents received an advisory fee related to the Offering of a cash amount of C$33,855 and 128,659 Broker Warrants.

 

The Offered Securities, Broker Warrants and securities issuable thereunder are subject to a statutory hold period ending on December 11, 2021.

 

The Offering included a subscription from director and officer of the Company for an aggregate of 900,000 Units. The issuance of Units to a director and officer of the Company, pursuant to the Offering, is considered a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of insider participation, as neither the fair market value of, nor the fair market value of the consideration for, the Offering, insofar as it involves a director and officer of the Company, exceeded twenty-five percent of the market capitalization of the Company.

 

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 offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and was not offered or sold within the United States or to, or for the account or benefit of, a U.S. person.

 

About Standard Uranium

 

Standard Uranium is a mineral resource exploration company based in Vancouver, British Columbia. Since its establishment, Standard Uranium has focused on the identification and development of prospective exploration stage uranium projects in the Athabasca Basin in Saskatchewan, Canada. Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, is comprised of 21 mineral claims over 25,886 hectares. The Davidson River Project is highly prospective for basement hosted uranium deposits yet remains relatively untested by drilling despite its location along trend from recent high-grade uranium discoveries. A copy of the 43-101 Technical Report that summarizes the exploration on the Project is available for review under Standard Uranium’s SEDAR profile (www.sedar.com)

 

Posted August 10, 2021

Share this news article

MORE or "UNCATEGORIZED"


Argo Gold Assays 32.84 g/t Au over 2.5 metres at the Raingold Area, Uchi Gold Project

Argo Gold Inc. (CSE: ARQ) (OTCQB: ARBTF) (FSE: P3U) (“Arg... READ MORE

October 15, 2021

Gowest Gold Completes Debt Conversion

Gowest Gold Ltd.  (TSX-V: GWA) announced today that, effective O... READ MORE

October 15, 2021

Roscan Gold Announces Completion of Strategic C$6.4 Million Investment by Asante Gold Corporation

Roscan Gold Corporation (TSX-V: ROS) (FSE: 2OJ) (OTC Pink: RCGCF... READ MORE

October 15, 2021

Galiano Gold Reports Preliminary Q3 2021 Operating Results for the Asanko Gold Mine

Galiano Gold Inc. (TSX: GAU) (NYSE American: GAU) reports prelimi... READ MORE

October 15, 2021

West Red Lake Gold Drills 77.87 gpt Gold Over 1.9 Metres

West Red Lake Gold Mines Inc. (CSE: RLG)  (OTCQB: RLGMF) (FSE: H... READ MORE

October 14, 2021

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2021 The Prospector News