Global Uranium Provides Update on Previously Announced Private Placement

About this update from Global Uranium Corp.

[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Global Uranium Corp. (CSE: GURN | OTC PINK: GURFF | FRA: Q3J) (the \"Company\") announces an update to the non-brokered private placement which it first announced on July 24, 2024. The updated private placement will now be for proceeds up to C$2,250,000 (the “Revised Offering”) and expects that the Revised Offering will close on or about October 14, 2024. The Revised Offering is expected to consist of the offering of: (i) units of the Company at a price of $0.35 per unit (the “$0.35 Unit”) for aggregate gross proceeds of up to C$1,500,000, with each $0.35 Unit comprised of one non-flow-through common share of the Company (each, a “Share”) and one Share purchase warrant of the Company entitling the holder to acquire one Share (each, a “Warrant Share”) at a price of C$0.45 per Warrant Share for a period of twenty-four months from the date of issuance (the “Non-Flow Through Offering“); and (ii) units of the Company at a price of $0.40 per unit (the “$0.40 Unit”) for aggregate gross proceeds of up to C$750,000, with each $0.40 Unit comprised of one flow-through common share (each, a “FT Share”) and one Share purchase warrant of the Company entitling the holder to acquire one Warrant Share at a price of C$0.45 per Warrant Share for a period of twenty-four months from the date of issuance (the “FT Offering”). The FT Shares issued under the FT Offering are intended to qualify as “flow through shares” within the meaning of the Income Tax Act (Canada) (the “Tax Act“). The Company intends to use the net proceeds raised from the Revised Offering to fund exploration activities on the Company’s projects, including at the Northwest Athabasca Project, and general and administrative expenditures, including investor awareness and promotional expenditures, and for general working capital purposes. The gross proceeds from the sale of the FT Shares will be used to incur “Canadian exploration expenses” that are intended to qualify as “flow-through mining expenditures” as those terms are defined in the Tax Act, which the Company intends to renounce to the initial purchasers of the FT Shares. All securities issued in the Revised Offering will be subject to a statutory four month and one day hold period. Closing of the Revised Offering is subject to the Company’s receipt of all necessary r...

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