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Western Uranium & Vanadium Closes Oversubscribed Non-Brokered Private Placement; Sunday Mine Complex Project Fully Funded
TORONTO and NUCLA, Colo., April 17, 2019 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the ”Company”) is pleased
About this update from Western Uranium & Vanadium Corp.
[{"type":"text","content":" TORONTO and NUCLA, Colo., April 17, 2019 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the ”Company”) is pleased to announce the closing of a non-brokered private placement (the “Private Placement”) of 3,914,632 units (the ”Units”) at a price of CAD$0.98 per Unit. The aggregate gross proceeds raised in this Private Placement amount to CAD$3,836,340. Western used the overallotment option to satisfy investors' oversubscription demand. Each Unit consists of one common share of Western (a \"Share\") plus one-half (1/2) common share purchase warrant of Western (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder to purchase one Share at a price of CAD$1.70 per Share for a period of three years following the closing date of the Private Placement. A total of 3,914,632 Shares and 1,957,316 Warrants were issued. The Warrants contain a provision that if the Company’s Shares trade at or above CAD$3.00 per Share for 10 consecutive trading days, the Company may, at any time after the expiry of the applicable statutory hold period, accelerate the expiration of the Warrants upon not less than 30 days’ written notice by the Company (the “Acceleration Clause”). The proceeds of the Private Placement will fully fund the previously announced Sunday Mine Complex (“SMC”) Vanadium Project (see the news release issued by the Company on March 13, 2019). The work program, which will commence within weeks, will focus on the identification of high-grade vanadium zones by XRF surface sampling and underground drilling, test mining, vanadium ore sample delivery, and large-scale ore testing to further define the vanadium resource for near-term delivery to worldwide vanadium processing facilities. The work program's secondary focus is to advance SMC toward prospective Section 232 U.S. domestic uranium opportunities. The U.S. Department of Commerce (“DOC”) has completed the Section 232 national security investigation into uranium imports and transmitted their report to the White House earlier this week. President Trump now has a 90 day period to consider the report and its recommendations and make a determination as to whether to take the recommended actions or modified actions. In connection with the Private Placement, the Company paid CAD$21,...