NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, British Columbia, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (CSE:TRAC) (“Traction” or the “Company”) is pleased to announce that it has closed its previously announced private placement (the “Private Placement”) through the issuance of 5,602,000 flow-through units (each, an “FT Unit”) of the Company at $0.50 per FT Unit (the “FT Offering”), for aggregate gross proceeds of $2,801,000, and (ii) 11,299,035 units (each, an “NFT Unit”) of the Company at $0.44 per NFT Unit, for aggregate gross proceeds of $4,971,575.
Each FT Unit is composed of (1) common share, issued on a flow-through basis pursuant the Income Tax Act (Canada), and one-half of one (1/2) common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable at $0.60 per share for two (2) years from issuance. Each NFT Unit is composed of one (1) common share and one-half of one (1/2) 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.
For more information, investors should review the Company’s filings that are available at www.sedar.com.
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the expected use of proceeds from the Private Placement are “forward-looking statements”. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
Contact Information
Michael Malana
Director and CEO
Telephone: 604 561 2687
Email: michael@tractionuranium.com
