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Traction Closes Private Placement of Flow-Through Units and Units for Gross Proceeds of $7,772,575

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Traction Closes Private Placement of Flow-Through Units and Units for Gross Proceeds of $7,772,575

 

 

 

 

 

Traction Uranium Corp. (CSE:TRAC)  is pleased to announce that it has closed its previously announced private placement through the issuance of 5,602,000 flow-through units of the Company at $0.50 per FT Unit, for aggregate gross proceeds of $2,801,000, and (ii) 11,299,035 units of the Company at $0.44 per NFT Unit, for aggregate gross proceeds of $4,971,575.

 

Each FT Unit is composed of one common share, issued on a flow-through basis pursuant the Income Tax Act (Canada), and one-half of one common share purchase warrant. Each Warrant is exercisable at $0.60 per share for two  years from issuance. Each NFT Unit is composed of one common share and one-half of one Warrant.

 

The Company plans to allocate the net proceeds from the Private Placement towards exploration expenditures and working capital. Finder’s fees of $418,298 were paid and 915,817 finder’s warrants were issued in connection with the Private Placement. Each finder’s warrant is exercisable at $0.60 for two (2) years from issuance. All securities issued in connection with the Private Placement are subject to a four-month and one-day statutory hold period in accordance with applicable securities laws.

 

The securities issued pursuant to the Private Placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

 

About Traction Uranium Corp.

Traction is a mineral exploration company with an objective to locate and develop economic mineral properties. The Company is based in Vancouver, BC and holds options over the Hearty Bay and Lazy Edwards properties, located in the Athabasca Basin region of Saskatchewan, and the Whitewater property, located in the Slocan Mining Division, Kaslo, British Columbia.

 

Posted December 23, 2021

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