ORIGINAL: Standard Uranium Ltd. Announces Private Placement for Up to C$2.0 Million
2023-11-15 08:00 ET - News Release
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB:STTDF) (Frankfurt: FWB:9SU) is pleased to announce a non-brokered private placement for gross proceeds of up to C$2,000,000 (the “Offering”) from the sale of any combination of units of the Company (each, a “Unit”) at a price of C$0.05 per Unit, flow-through units of the Company (each, a “FT Unit”) at a price of C$0.06 per FT Unit, charity flow-through units of the Company (each, a “Charity FT Unit”), and collectively with the Units and FT Units, the “Offered Securities”) at a price of C$0.075 per Charity FT Unit. Red Cloud Securities Inc. will be acting as a finder in connection with the Offering.
Each Unit will consist of one common share of the Company (each a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one half of one Warrant. Each Charity FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one half of one Warrant. Each Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.09 at any time on or before that date which is twenty-four months after the closing date of the Offering.
The net proceeds raised from the Offering will be used for the exploration of the Company’s projects in Saskatchewan and for working capital purposes. Proceeds from the sale of FT Shares and Charitable 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 ("Qualifying Expenditures"). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares and Charitable FT Shares.
The Offering is scheduled to close on or around December 11, 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. Finder’s fees will be payable in accordance with the policies of the TSX Venture Exchange. The Unit Shares, FT Shares, Charitable FT Shares and Warrant Shares will have a hold period of four months and one day from the closing date.
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 being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.
About Standard Uranium (TSX-V: STND)
We find the fuel to power a clean energy future
Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district. The Company holds interest in over 187,542 acres (75,895 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.
Standard Uranium’s Atlantic, Canary, Ascent, Corvo, and Rocas Projects, in the eastern Athabasca Basin, comprise twenty-three mineral claims over 25,242 hectares. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.
Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.
Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.
For further information contact:
Jon Bey, Chief Executive Officer and Chairman
1030 West Georgia Street, Suite 918
Vancouver, BC V6E 2Y3
Tel: 1 (306) 850-6699
E-mail: info@standarduranium.ca