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Standard Uranium Announces Private Placement to Raise $2 Million
VANCOUVER, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfur
About this update from Standard Uranium Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, May 04, 2023 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce it will conduct a non-brokered private placement (the “Offering”), under the Listed Issuer Financing Exemption (as defined below), of any combination of non-flow-through units of the Company (each, an “NFT Unit”) at a price of $0.035 per NFT Unit, and charity flow-through units of the Company (each, an “FT Unit”) at a price of $0.05 per FT Unit to raise gross proceeds of up to $2,000,000. Each NFT Unit will consist of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each FT Unit will consist of one common share of the Company to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one Warrant. Each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.08 at any time on or before that date which is twenty-four months after the closing date of the Offering. If the closing price of the common shares of the Company on the TSX Venture Exchange exceeds $0.10 for a period of ten consecutive trading days, the Company may elect to accelerate the expiry date of the Warrants to the date that is thirty days following a public announcement of the election. The net proceeds raised from the Offering will be used for the exploration of the Company’s projects and for working capital purposes. Proceeds from the sale of FT Units will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act. The Company does not propose to make any payments to non-arms-length parties from the proceeds of the sale of NFT Units, other than in connection with established compensation for services provided to the Company in the ordinary course of business, nor does the Company propose to make payments from the proceeds to persons conducting investor relations activities Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offering is being made to purchasers resident in Canada, except Quebec, pursuant to the listed issuer f...