Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) is pleased to announce that 1,706,570 warrants were exercised and 1,706,570 shares were issued in April and May 2021. The Warrant Exercise raised cumulative gross proceeds of C$1,966,059. Western currently has a total of 38,165,317 common shares outstanding.
The Warrant Exercise predominantly included warrants issued in private placements which closed in July and August 2018 for a term of 24 months from the date of issuance. Subsequently on April 20, 2020, the original expiry dates of the 2018 Warrants were extended until April 30, 2021 and May 9, 2021, respectively. Eighty percent of the 2018 Warrant-holders elected to exercise and the residual 516,103 warrants have now expired.
The Company anticipates that the net proceeds of the Warrant Exercise 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.
The securities issued upon the Warrant Exercise have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold 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.
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We acknowledge the [financial] support of the Government of Canada.