Traction Uranium Announces Closing of the Second Tranche of Private Placement

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[{"type":"text","content":" CALGARY, Alberta, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (CSE: TRAC) (OTCQB: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) is pleased to announce that, further to its news release of October 27, 2023 and November 14, 2023 which announced: i.) a private placement offering (the “Offering”) of up to 10,000,000 non-flow through units (“NFT”) and up to 5,714,285 flow-through (“FT”) units, as well as, ii.) the closing of the first tranche of the Offering, respectively, it has closed the second tranche of the Offering (the “Second Tranche”) by issuing 2,000,000 FT units (each, an “FT Unit”) at a price of $0.175 per FT Unit, for aggregate gross proceeds of $350,000. Each FT Unit consisted of one (1) “flow-through” common share in the capital of the Company (each, an “FT Share”) and one (1) Warrant, whereby each Warrant shall entitle the holder thereof to purchase an additional Share at an exercise price of $0.20 for a period of 24 months from the date of issuance. The securities issued from the Second Tranche are subject to a statutory hold period of four months and one day from November 24, 2023. The proceeds from the Second Tranche will be used by the Company to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada). In connection with the closing of the Second Tranche, an aggregate of $21,000 was paid in cash and a total of 120,000 finder’s warrants (each, a “Finder’s Warrant”) were issued as finder’s fees. Each Finder’s Warrant entitles the holder thereof to acquire one (1) common share in the capital of the Company (a “Finder’s Warrant Share”) at a price of $0.20 per Finder’s Warrant Share for a period of 24 months from November 24, 2023. The Offering, in its entirety, is expected to close on or about November 30, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals. The securities issued pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This n...

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