Blue Sky Uranium Applies to Extend Warrants

Rhea-AI Summary

Blue Sky Uranium Corp. (OTC: BKUCF) has applied to the TSX Venture Exchange to extend the expiry dates of unexercised warrants. A total of 4,203,182 warrants, originally set to expire on June 4 and July 11, 2022, will now expire on June 4 and July 11, 2024. The exercise price remains at $0.25 per warrant. Recently, 325,000 warrants have been exercised, with one shareholder responsible for 100,000 of these. The extension requires TSXV approval, and if the share price exceeds $0.50 for five consecutive days, the warrants must be exercised within 20 days.

Positive

• Warrants extension provides shareholders more time to exercise their options, potentially leading to increased capital inflows.
• Recent exercise of 325,000 warrants indicates investor confidence in the company's future.

Negative

• The need to extend warrants may suggest challenges in attracting investment in the short term.

VANCOUVER, BC, May 20, 2022 /PRNewswire/ - Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), ("Blue Sky" or the "Company") announces that it has made an application to the TSX Venture Exchange ("TSXV") to extend the term of the outstanding warrants as follows:

• 4,203,182 unexercised warrants (4,528,182 original granted) that are set to expire on June 4 and July 11, 2022 to be extended to June 4 and July 11, 2024 respectively. These warrants were originally issued under a private placement completed by the Company in 2 Tranches in June and July 2019.

Of the 325,000 warrants that have been exercised, 100,000 have been exercised by one shareholder within the past 6 months. The Company notes that, at the request of the TSXV, it has received a Consent from this shareholder for this application to extend the expiry date of the remaining warrants.

The exercise price of the warrants will remain at $0.25.  Each warrant, when exercised, will be exchangeable for one common share of the Company.

If the volume weighted average price for the Company's shares is $0.50 or greater for a period of 5 consecutive trading days, then the Company may deliver a notice (the "Notice") to the warrantholder that the Warrants must be exercised within twenty (20) days from the date of delivery of such Notice, otherwise the Warrants will expire at 4:30 p.m. (Vancouver time) on the twenty-first (21^st) day after the date of delivery of the Notice.

The amendment is subject to the approval of the TSX Venture Exchange ("TSXV").

About Blue Sky Uranium Corp.

Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina. The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina. The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

ON BEHALF OF THE BOARD

"Nikolaos Cacos"

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Nikolaos Cacos, President, CEO and Director

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements.   We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. 

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SOURCE Blue Sky Uranium Corp.

FAQ

What is the date of Blue Sky Uranium's warrant extension application?

The warrant extension application was announced on May 20, 2022.

How many warrants are being extended by Blue Sky Uranium?

A total of 4,203,182 warrants are being extended.

What is the new expiration date for Blue Sky Uranium's warrants?

The warrants will now expire on June 4 and July 11, 2024.

What is the exercise price for Blue Sky Uranium's warrants?

The exercise price remains at $0.25 per warrant.

What happens if Blue Sky Uranium's share price reaches $0.50?

If the share price exceeds $0.50 for five consecutive days, warrant holders will be notified to exercise within 20 days.