Western Uranium & Vanadium Closes Final Tranche of Oversubscribed CAD$4,000,000 Non-Brokered Private Placement
June 17 2019 - 11:36PM
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 April 17, 2019 for details on the first tranche of the
Private Placement). At this closing, the Company raised gross
proceeds CAD$188,432 through the issuance of 192,278 units (the
”
Units”) at a price of CAD$0.98 per Unit. The
total raised in the two tranches of this Private Placement of
4,106,910 Units is therefore CAD$4,024,772. Western used 100% of
the overallotment option to issue the maximum quantity of
authorized units to satisfy investors' oversubscription demand.
Each Unit consists of one common share of
Western (a "Share") plus one-half (1/2) common
share purchase warrant of Western (each whole warrant, a
“Warrant”). Each Warrant shall entitle the holder
to purchase one Share at a price of CAD$1.70 per Share for a period
of three years following the closing date of the Private Placement.
A total of 192,278 Shares and 96,139 Warrants were issued in
this second tranche.
The Warrants contain a provision that if the
Company’s Shares trade at or above CAD$3.00 per Share for 10
consecutive trading days, the Company may, at any time after the
expiry of the applicable statutory hold period, accelerate the
expiration of the Warrants upon not less than 30 days’ written
notice by the Company.
This final tranche represents the completion of
the Private Placement which achieved its primary purpose to fully
fund the previously announced Sunday Mine Complex Vanadium Project
(see the news release issued by the Company on March 13,
2019).
Securities issued pursuant to the Private
Placement shall be subject to a statutory six (6) month and one day
hold period. The closing of the Private Placement remains subject
to final regulatory approval.
The securities offered and sold have not
been and will not be 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
Ablation Mining Technology.
Cautionary Note Regarding Forward-Looking
Information: Certain information contained in this news
release constitutes “forward-looking information” or
“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, estimate sand
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 GlasierPresident and
CEO970-778-9195gglasier@western-uranium.com
Robert KleinChief Financial
Officer908-872-7686rklein@western-uranium.com
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