Standard Uranium Ltd. (“
Standard Uranium” or the
“
Company”) (TSX-V: STND) (OTCQB: STTDF)
(Frankfurt: FWB:9SU) is pleased to announce it will conduct a
non-brokered private placement (the “
Offering”),
under the Listed Issuer Financing Exemption (as defined below), of
any combination of non-flow-through units of the Company (each, an
“
NFT Unit”) at a price of $0.035 per NFT Unit, and
charity flow-through units of the Company (each, an “
FT
Unit”) at a price of $0.05 per FT Unit to raise gross
proceeds of up to $2,000,000.
Each NFT Unit will consist of one common share
of the Company and one common share purchase warrant (each, a
“Warrant”). Each FT Unit will consist of one
common share of the Company to be issued as a “flow-through share”
within the meaning of the Income Tax Act (Canada) and one Warrant.
Each Warrant will entitle the holder to purchase one common share
of the Company at a price of $0.08 at any time on or before that
date which is twenty-four months after the closing date of the
Offering. If the closing price of the common shares of the Company
on the TSX Venture Exchange exceeds $0.10 for a period of ten
consecutive trading days, the Company may elect to accelerate the
expiry date of the Warrants to the date that is thirty days
following a public announcement of the election.
The net proceeds raised from the Offering will
be used for the exploration of the Company’s projects and for
working capital purposes. Proceeds from the sale of FT Units 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. The Company does not propose to make any payments to
non-arms-length parties from the proceeds of the sale of NFT Units,
other than in connection with established compensation for services
provided to the Company in the ordinary course of business, nor
does the Company propose to make payments from the proceeds to
persons conducting investor relations activities
Subject to compliance with applicable regulatory
requirements and in accordance with National Instrument 45-106 –
Prospectus Exemptions (“NI 45-106”), the Offering
is being made to purchasers resident in Canada, except Quebec,
pursuant to the listed issuer financing exemption under Part 5A of
NI- 45-106 (the “Listed Issuer Financing
Exemption”). The securities offered under the Listed
Issuer Financing Exemption will not be subject to a hold period in
accordance with applicable Canadian securities laws. There is an
offering document related to the Offering that can be accessed
under the Company’s profile at www.sedar.com and on the Company’s
website at: www.standarduranium.ca. Prospective investors should
read this offering document before making an investment
decision.
Red Cloud Securities Inc. has agreed to act as a
finder for the Company in connection with the Offering. The Company
will pay finders’ fees to eligible parties who have assisted in
introducing subscribers to the Offering. Closing of the Offering
remains subject to the approval of the TSX Venture Exchange.
About Standard Uranium (TSX-V:
STND)
We find the fuel to power a
clean energy future
Standard Uranium is a uranium exploration
company with a focus on the world-class Athabasca Basin in
Saskatchewan, Canada. Since its establishment, Standard Uranium has
focused on the identification and exploration of Athabasca-style
uranium targets with a view to discovery and future
development.
Standard Uranium’s Atlantic, Canary, and Ascent
Projects, in the northeast Athabasca Basin, comprise nine mineral
claims over 13,215 hectares. The eastern basin projects are highly
prospective for unconformity-related uranium deposits based on
historical uranium occurrences, recently identified geophysical
anomalies, and location along trend from several high-grade uranium
discoveries.
Standard Uranium’s Davidson River Project, in
the southwest part of the Athabasca Basin, Saskatchewan, comprises
ten mineral claims over 30,737 hectares. Davidson River is highly
prospective for basement-hosted uranium deposits due to its
location along trend from recent high-grade uranium discoveries.
However, owing to the large project size with multiple targets, it
remains broadly under-tested by drilling. Recent intersections of
wide, structurally deformed and strongly altered shear zones
provide significant confidence in the exploration model and future
success is expected.
Standard Uranium's Sun Dog project, in the
northwest part of the Athabasca Basin, Saskatchewan,
is comprised of eight mineral claims over 18,101 hectares. The Sun
Dog project is highly prospective for basement and unconformity
hosted uranium deposits yet remains largely untested by sufficient
drilling despite its location proximal to uranium discoveries in
the area.
For further information contact:
Jon Bey, Chief Executive Officer, and Chairman550 Denman Street,
Suite 200Vancouver, BC V6G 3H1Tel: 1 (306) 850-6699E-mail:
info@standarduranium.ca
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains “forward-looking
statements” or “forward-looking information” (collectively,
“forward-looking statements”) within the meaning of applicable
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as of the date of this news
release. Forward-looking statements include, but are not limited
to, statements regarding: the timing and content of upcoming work
programs; geological interpretations; timing of the Company’s
exploration programs; and estimates of market conditions.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those
expressed or implied by forward-looking statements contained
herein. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Certain
important factors that could cause actual results, performance or
achievements to differ materially from those in the forward-looking
statements are highlighted in the “Risks and Uncertainties” in the
Company’s management discussion and analysis for the fiscal year
ended April 30, 2022, dated August 26, 2022.
Forward-looking statements are based upon a
number of estimates and assumptions that, while considered
reasonable by the Company at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies that may cause the Company’s actual financial
results, performance, or achievements to be materially different
from those expressed or implied herein. Some of the material
factors or assumptions used to develop forward-looking statements
include, without limitation: the future price of uranium;
anticipated costs and the Company’s ability to raise additional
capital if and when necessary; volatility in the market price of
the Company’s securities; future sales of the Company’s securities;
the Company’s ability to carry on exploration and development
activities; the success of exploration, development and operations
activities; the timing and results of drilling programs; the
discovery of mineral resources on the Company’s mineral properties;
the costs of operating and exploration expenditures; the presence
of laws and regulations that may impose restrictions on mining;
employee relations; relationships with and claims by local
communities and indigenous populations; availability of increasing
costs associated with mining inputs and labour; the speculative
nature of mineral exploration and development (including the risks
of obtaining necessary licenses, permits and approvals from
government authorities); uncertainties related to title to mineral
properties; assessments by taxation authorities; fluctuations in
general macroeconomic conditions.
The forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
Any forward-looking statements and the assumptions made with
respect thereto are made as of the date of this news release and,
accordingly, are subject to change after such date. The Company
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws. There can
be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this
release.
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