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Western Uranium & Vanadium Corp. Closes Final Tranche of Non-Brokered Private Placement

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Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) is pleased to announce the closing of a second and final tranche of its non-brokered private placement (please refer to the news release issued by Western on February 16, 2021 for details on the first tranche of the Private Placement). At this closing, the Company raised gross proceeds CAD$2,500,000 through the issuance of 3,125,000 units  at a price of CAD$0.80 per Unit. The total raised in the two tranches of this Private Placement of 6,375,000 Units aggregates to CAD$5,100,000. Western used 100% of the overallotment option to issue the maximum quantity of authorized Units to satisfy investors’ oversubscription demand.


Each Unit consists of one common share of Western plus one common share purchase warrant of Western. Each Warrant shall entitle the holder to purchase one Share at a price of CAD$1.20 per Share for a period of three years following issuance.  A total of 6,375,000 Shares and 6,375,000 Warrants are being issued in the two tranches of the Private Placement.


The Warrants contain a provision that if the Company’s Shares trade at or above CAD$2.40 per Share for 10 consecutive trading days, the Company may, at any time after the expiry of the applicable statutory hold period, accelerate the expiration of the Warrants upon not less than 30 days’ written notice by the Company.


The Company anticipates that the net proceeds of the Private Placement will be used to secure value-added opportunities, fund follow-on work at the five mines comprising the Sunday Mine Complex, the exploration and development of a second production center and for general corporate and working capital purposes.


In connection with the second tranche of the Private Placement, the Company is paying CAD$8,952 in finder’s fees plus 11,190 compensation warrants exercisable for three years, each warrant being exercisable at CAD$0.94 per Share of the Company. The compensation warrants are subject to the Acceleration Clause. For details on the finder’s fee paid in connection with the first tranche of the Private Placement, please refer to the news release issued on February 16, 2021.


Securities issued pursuant to the Private Placement shall be subject to a minimum six month hold period.  The closing of the Private Placement remains subject to final regulatory approval.


The securities offered and sold have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.


About Western Uranium & Vanadium Corp.


Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation


Posted March 2, 2021

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