First American Uranium Announces Closing of Oversubscribed $2.86m Flow-Through Financing

About this update from North American Niobium And Critical Minerals Corp.

[{"type":"text","content":"Vancouver, British Columbia, Nov. 18, 2025 (GLOBE NEWSWIRE) -- First American Uranium Inc. (CSE: NIOB) (FSE: IOR) (OTCQB: NIOMF) (the “Company”) is pleased to announce, further to its news release of November 6, 2025, that the Company has closed the previously announced non-brokered private placement of flow-through common shares in the capital of the Company (each, an “FT Share”) by the issuance of 2,073,262 FT Shares at $1.38 per FT Share for gross proceeds of $2,861,101.56, exceeding the proposed amount previously announced (the “Oversubscribed Offering”). The gross proceeds from the issuance of the FT Shares will be used to incur eligible “Canadian exploration expenses” in Quebec that qualify as “flow-through critical mineral mining expenditures” as such terms are defined in the Income Tax Act (Canada). The Company has agreed to renounce such qualifying expenditures with an effective date of no later than December 31, 2025, in an amount of not less than the total amount of the gross proceeds raised from the issuance of FT Shares, and incur such expenses by December 31, 2026. In connection with the Oversubscribed Offering, the Company paid finder’s fees to eligible finders consisting of $194,674.31 in cash and 141,068 common share purchase warrants (the “Finder’s Warrants”). Each Finder’s Warrant is exercisable to acquire one common share in the capital of the Company at an exercise price of $1.38 per for a period of 24 months from the date of issuance. Additionally, an insider of the Company subscribed for a total of 36,000 FT Shares under the Oversubscribed Offering (the “Insider Subscription”). The Insider Subscription constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a), respectively, in respect of the Insider Subscription as the Company is not listed on a specified market and the fair market value of the FT Shares issued pursuant to the Insider Subscription does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of th...

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