Western Uranium & Vanadium Corp. Extends Warrants Issued in 2018
21 April 2020 - 3:59AM
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF)
("Western" or the "Company") announces the extension by nine months
of the common share purchase warrants (the "Warrants") issued to
investors in non-brokered private placements that closed on May 4,
July 30 and August 9, 2018 (the "2018 Private Placements") and the
amendment of the trigger price in the acceleration clause of each
Warrant. No Warrants issued to investors in the 2018 Private
Placements have been exercised, and a total of 2,671,116 Warrants
are being amended.
Each Warrant currently entitles the holder to
purchase one common share (a "Common Share") in the capital of the
Company at a price of C$1.15 per Common Share at any time prior to
5:00 p.m. (Toronto time) on May 4, July 30 and August 9, 2020,
respectively (the "Original Expiry Dates"). Each of the Original
Expiry Dates is extended by nine months such that the Warrants will
expire on February 4, April 30 and May 9, 2021, respectively.
In addition, each Warrant is currently subject
to an acceleration clause that allows the Company to accelerate the
expiration date of the Warrant if the closing price of the Common
Shares of Western is equal to or greater than C$2.50 for a period
of five consecutive trading days (the “Acceleration Clause”).
Western is amending the Acceleration Clause of each Warrant by
lowering the trigger price from C$2.50 to C$1.83 effective at 5:01
p.m. (Toronto time) on each of the Original Expiry Dates. All other
terms of the Warrants remain the same, including the applicable
legends.
No Warrant is held by an insider or a related
party to the Company. In accordance with the rules of the Canadian
Securities Exchange, no compensation warrants issued in connection
with the 2018 Private Placements are being extended. The
amendments to the Warrants remain subject to final regulatory
approval.
About Western Uranium
& Vanadium Corp.
Western Uranium & Vanadium Corp. is a
Colorado based uranium and vanadium conventional mining company
focused on low cost near-term production of uranium and vanadium in
the western United States, and development and application of
kinetic separation.
Cautionary Note Regarding
Forward-Looking Information: Certain information contained
in this news release constitutes “forward-looking information” or a
“forward-looking statements” within the meaning of applicable
securities laws (collectively, “forward-looking statements”).
Statements of that nature include statements relating to, or that
are dependent upon: the Company’s expectations, estimates and
projections regarding exploration and production plans and results;
the timing of planned activities; whether the Company can raise any
additional funds required to implement its plans; whether
regulatory or analogous requirements can be satisfied to permit
planned activities; and more generally to the Company’s business,
and the economic and political environment applicable to its
operations, assets and plans. All such forward-looking statements
are subject to important risk factors and uncertainties, many of
which are beyond the Company’s ability to control or predict.
Please refer to the Company’s most recent Management’s Discussion
and Analysis, as well as its other filings at www.sec.gov and/or
www.sedar.com, for a more detailed review of those risk
factors. Readers are cautioned not to place undue reliance on
the Company’s forward-looking statements, and that these statements
are made as of the date hereof. While the Company may do so, it
does not undertake any obligation to update these forward-looking
statements at any particular time, except as and to the extent
required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE
CONTACT:
George
Glasier President and
CEO970-864-2125gglasier@western-uranium.com
Robert KleinChief Financial
Officer908-872-7686rklein@western-uranium.com
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