Traction Uranium Closes Second and Final Tranche of Private Placement

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[{"type":"text","content":" CALGARY, Alberta, May 11, 2023 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (the “Company” or “Traction”) ‎(CSE: TRAC; OTCQB: TRCTF; FRA: Z1K) is pleased to announce that it has closed the second and final tranche of a non-brokered private placement offering of units and flow-through units of the Company (the “Offering”). The Offering, initially announced on April 12, 2023, comprised both units of the Company (the “Units”) and flow-through units of the Company (the “FT Units”).‎ On April 20, 2023, the Company announced it had closed the first tranche of the Offering issuing 3,050,000 Units of the Company at a price of $0.40 per Unit for aggregate gross proceeds of $1,220,000. Each Unit consisted of one (1) common share in the capital of the Company (each, a “Share”) and one-half (1/2) common share purchase warrant, whereby each whole common share purchase warrant (a “Warrant”) is exercisable into one (1) Share at an exercise price of $0.55 until April 20, 2025, being the date that is 24 months from the date of issue. In closing the second and final tranche of the Offering, the Company has issued 5,644,312 FT Units on an oversubscribed basis at a price of $0.45 per FT Unit for gross proceeds of $2,539,940.40 (the “FT Proceeds”). Each FT Unit consists of one (1) common share in the capital of the Company that qualifies as a “flow-through ‎share” as defined in the subsection 66(15) of ‎the Income Tax Act ‎‎‎(Canada) (the “Tax Act”), and one-half (1/2) Warrant, whereby each whole Warrant is exercisable into one (1) Share at an exercise price of $0.55 until May 9, 2025, being the date that is 24 months from the date of issue. The net proceeds from the sale of the Units are intended to be used for general and administrative expenditures as well as non-flow-through exploration and evaluation expenditures. The Company will use an amount equal to the FT Proceeds, pursuant to the provisions in the Tax Act to incur eligible “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Company's projects in Saskatchewan, on or before December 31, 2024, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023. If the Qualifying Expenditures...

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