Western Uranium & Vanadium Corp. Closes Final Tranche of Non-Brokered Private Placement
Western Uranium & Vanadium Corp. (CSE: WUC, OTCQX: WSTRF) has closed the second tranche of its non-brokered private placement, raising CAD$2.5 million by issuing 3.125 million units at CAD$0.80 each. This brings the total raised from both tranches to CAD$5.1 million. Each unit consists of a common share and a warrant with a purchase price of CAD$1.20. The funds will support ongoing projects at the Sunday Mine Complex and general corporate needs. The issuance is subject to a six-month hold and final regulatory approval.
- Raised CAD$5.1 million from the private placement, enhancing liquidity.
- Each warrant offers potential future capital at CAD$1.20, encouraging investment.
- The placement dilutes existing shareholders due to new share issuance.
- Warrants may not attract investors if share price does not meet acceleration clause threshold.
Toronto, Ontario and Nucla, Colorado , March 01, 2021 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the ”Company”) is pleased to announce the closing of a second and final tranche of its non-brokered private placement (the “Private Placement”) (please refer to the news release issued by Western on February 16, 2021 for details on the first tranche of the Private Placement). At this closing, the Company raised gross proceeds CAD
Each Unit consists of one common share of Western (a "Share") plus one common share purchase warrant of Western (a “Warrant”). Each Warrant shall entitle the holder to purchase one Share at a price of CAD
The Warrants contain a provision that if the Company’s Shares trade at or above CAD
The Company anticipates that the net proceeds of the Private Placement will be used to secure value-added opportunities, fund follow-on work at the five mines comprising the Sunday Mine Complex, the exploration and development of a second production center and for general corporate and working capital purposes.
In connection with the second tranche of the Private Placement, the Company is paying CAD
Securities issued pursuant to the Private Placement shall be subject to a minimum six (6) month hold period. The closing of the Private Placement remains subject to final regulatory approval.
The securities offered and sold have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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 CEO
970-864-2125
gglasier@western-uranium.com
Robert Klein
Chief Financial Officer
908-872-7686
rklein@western-uranium.com
FAQ
What is the total amount raised by Western Uranium in the private placement?
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How many units were issued in the second tranche of the private placement?
What will Western Uranium use the proceeds from the private placement for?