Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is pleased to announce that it has closed the first tranche of a non-brokered private placement for aggregate gross proceeds of approximately C$2,513,105.00.
The Company issued 7,180,300 flow-through units at a price of C$0.35 per Flow-Through Unit. Each Flow-Through Unit consists of one (1) common share and one half (1/2) common share purchase warrant. Each whole FT Warrant is exercisable into one common share of the Company at an exercise price of C$0.40 for a period of two years from the date of issue.
The Company will use the proceeds from the issuance of the FT Shares to incur “Canadian exploration expenses” as such term is defined in the Income Tax Act (Canada).
In connection with closing of the First Tranche Private Placement, the Company paid finder’s fees in the aggregate of $68,567.10 in cash and issued 195,906 finder’s warrants. Each Finder’s Warrant is exercisable into one (1) Share at an exercise price of C$0.40 for a period of two years from the date of issue.
All securities issuable in connection with the First Tranche Private Placement are subject to a statutory hold period, in accordance with applicable securities laws, of four months and one day from the date of issue. The second tranche of the Company’s non-brokered private placement is expected to close on or about December 16, 2022.
This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
The Company also announces that it has terminated its option to earn an interest in the Lazy Edwards Property.
About Traction Uranium Corp.
Traction Uranium Corp. is in the business of mineral exploration and the development of discovery prospects in Canada, including its three flagship uranium projects in the world renowned Athabasca Region.
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