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Stallion Uranium Closes Non-Brokered Private Placement Financing
VANCOUVER, British Columbia, July 31, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is ple
About this update from Stallion Uranium Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, July 31, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the \"Company\" or \"Stallion\") (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to announce that, further to its news releases dated July 16, 2024, July 17, 2024 and July 29, 2024, it has closed a non-brokered private placement offering for total gross proceeds of $2,533,000.98 (the “Offering”). The Company has allotted and issued 26,866,622 Flow-Through Units of the Company (each, a “FT Unit”) at a price of $0.09 per FT Unit and 1,353,000 Non-Flow Through Units of the Company (each, a “Unit) at a price of $0.085 per Unit. Each FT Unit consists 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 common share purchase warrant (each whole warrant, a “Warrant”). Each Unit consists of one common share of the Company (each, a “Share”) and one-half of one Warrant. Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of $0.12 for a period of 24 months. In relation to the Offering, the Company has paid finder’s fees of $162,644.73 and issued 1,807,164 finder’s warrants to arm’s-length parties, entitling the holder to acquire one Share at a price of $0.12 per Share for a period of 24 months. All securities issued pursuant to the Offering will be subject to a hold period expiring December 1, 2024. The Offering remains subject to final approval of the TSX Venture Exchange. The gross proceeds from the FT Shares will be used by the Company to incur eligible “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures” as such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Company’s uranium projects in the Athabasca Basin, Saskatchewan, on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective December 31, 2024. The gross proceeds from the sale of Units will be used by the Company towards non-qualifying exploration expenditures and general working capital. A portion of the Offering constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument&n...