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Standard Uranium Ltd. Announces Closing of C$5.0 Million Brokered Private Placement
VANCOUVER, British Columbia, Aug. 10, 2021 (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, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB:STTDF) (Frankfurt: FWB:9SU) is pleased to announce that it has closed its brokered private placement (the “Offering”) for gross proceeds of C$5,000,000, which included the full exercise of the over-allotment option. Under the Offering, the Company sold 8,296,833 units of the Company (each, a “Unit”) at a price of C$0.24 per Unit and 11,353,812 flow-through units of the Company (each, a “FT Unit”, and collectively with the Units, the “Offered Securities”) at a price of C$0.265 per FT Unit. Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents that included Canaccord Genuity Corp. and Echelon Wealth Partners Inc. (collectively, the “Agents”). Each Unit consists of one common share of the Company (each a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). 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 Warrant. Each whole Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.36 at any time on or before August 10, 2024. The net proceeds raised from the sale of Units will be used for the exploration and development of the Company’s Davidson River Project and for working capital purposes. Proceeds from the sale of FT Shares 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 (\"Qualifying Expenditures\"). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. Under the Offering, the Company paid the Agents total cash commissions of C$237,757 and issued to the Agents 927,341 warrants of the Company (the “Broker Warrants”). Each Broker Warrant is exercisable to acquire one Unit at a price of C$0.24 at any time on or before August 10, 2024. In addition, the Agents received an advisory fee rela...