Standard Uranium Ltd. (“
Standard Uranium” or the
“
Company”) (TSX-V: STND) (OTCQB:STTDF) (Frankfurt:
FWB:9SU) is pleased to announce a non-brokered private placement
for gross proceeds of up to C$2,000,000 (the
“
Offering”) from the sale of any combination of
units of the Company (each, a “
Unit”) at a price
of C$0.05 per Unit, flow-through units of the Company (each, a
“
FT Unit”) at a price of C$0.06 per FT Unit,
charity flow-through units of the Company (each, a “
Charity
FT Unit”), and collectively with the Units and FT Units,
the “
Offered Securities”) at a price of C$0.075
per Charity FT Unit. Red Cloud Securities Inc. will be acting as a
finder in connection with the Offering.
Each Unit will consist of one common share of
the Company (each a “Unit Share”) and one half of
one common share purchase warrant (each whole warrant, 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) (each, a
“FT Share”) and one half of one Warrant. Each
Charity 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) (each, a “FT Share”) and
one half of one Warrant. Each Warrant shall entitle the holder to
purchase one common share of the Company (each, a “Warrant
Share”) at a price of C$0.09 at any time on or before that
date which is twenty-four months after the closing date of the
Offering.
The net proceeds raised from the Offering will
be used for the exploration of the Company’s projects in
Saskatchewan and for working capital purposes. Proceeds from the
sale of FT Shares and Charitable FT Shares 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
("Qualifying Expenditures"). Such proceeds will be
renounced to the subscribers with an effective date not later than
December 31, 2023, in the aggregate amount of not less than the
total amount of gross proceeds raised from the issue of FT Shares
and Charitable FT Shares.
The Offering is scheduled to close on or around
December 11, 2023, and is subject to certain conditions including,
but not limited to, the receipt of all necessary approvals
including the approval of the TSX Venture Exchange. Finder’s fees
will be payable in accordance with the policies of the TSX Venture
Exchange. The Unit Shares, FT Shares, Charitable FT Shares and
Warrant Shares will have a hold period of four months and one day
from the closing date.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the Offered
Securities, nor shall there be any sale of the Offered Securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. The Offered Securities
being offered will not be, and have not been, 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, a U.S. person.
About Standard Uranium (TSX-V:
STND)
We find the fuel to power a clean energy
future
Standard Uranium is a uranium exploration
company and emerging project generator poised for discovery in the
world’s richest uranium district. The Company holds interest in
over 187,542 acres (75,895 hectares) in the world-class Athabasca
Basin in Saskatchewan, Canada. Since its establishment, Standard
Uranium has focused on the identification, acquisition, and
exploration of Athabasca-style uranium targets with a view to
discovery and future development.
Standard Uranium’s Atlantic, Canary, Ascent,
Corvo, and Rocas Projects, in the eastern Athabasca Basin, comprise
twenty-three mineral claims over 25,242 hectares. The eastern basin
projects are highly prospective for unconformity related and/or
basement hosted uranium deposits based on historical uranium
occurrences, recently identified geophysical anomalies, and
location along trend from several high-grade uranium
discoveries.
Standard Uranium's Sun Dog project, in the
northwest part of the Athabasca Basin, Saskatchewan, is comprised
of nine mineral claims over 19,603 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.
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.
For further information
contact:
Jon Bey, Chief Executive Officer and
Chairman1030 West Georgia Street, Suite 918Vancouver, BC V6E
2Y3Tel: 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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