(TheNewswire)
Vancouver, British Columbia, Canada / TheNewswire / March 15, 2024 – Generation Uranium Inc. (the “Company” or “Generation”), (TSXV: GEN) is pleased to announce the closing of its non-brokered Private Placement (the “Offering”) of the Company as previously announced on February 7, 2024.
The Offering closed with the issuance of 4,000,000 Common Shares at a price of $0.10 per Share for aggregate proceeds of CAD$400,000. All Shares are subject to final TSX Venture Exchange approval, a Finders’ fee of 320,000 common shares and 320,000 finders’ warrants were paid upon closure. The Finders’ Warrants entitle the holder to purchase one common share at an exercise price of $0.10 for 24 months following the completion of the Offering, being March 15, 2026, and a hold period which expires on September 15, 2024. All Shares issued pursuant to the Offering have periods expiring on September 15, 2024 (2,000,000 Shares), and November 15, 2024 (2,000,000 Shares).
The Company intends to use the net proceeds to help define new drill targets on the Yath Project, a high-grade uranium property situated in the Thelon Basin in Nunavut, Canada, and general working capital.
FOR FURTHER INFORMATION CONTACT
Anthony Zelen
President and Chief Executive Officer
Anthonyzelen88@gmail.com
778-388-5258
About Generation Uranium
The Company is a natural resource company engaged in the exploration and development of mineral properties. The Company holds an option to acquire a 60% interest in and to the Arlington Property, located within the Arrow Boundary District of south-central British Columbia, and holds a 100% interest in the Yath Uranium Project, located in the Territory of Nunavut.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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