Standard Uranium - CEO, Jon Bey (left)
CEO, Jon Bey (left)
Source: Standard Uranium.
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  • Standard Uranium received gross proceeds of C$5,000,000, including the full exercise of the over-allotment option
  • The company issued 8,296,833 units and 11,353,812 flow-through units
  • The net proceeds will be used for the exploration and development of the company’s Davidson River Project
  • Standard Uranium is a Canadian-based mineral resource exploration company
  • Standard Uranium Ltd. (STND) is down 1.82 per cent, trading at $0.27 per share at 11:20 am ET

Standard Uranium (STND) has closed its brokered private placement for gross proceeds of C$5,000,000, including the full exercise of the over-allotment option.

The company issued 8,296,833 units at a price of C$0.24 per unit and 11,353,812 flow-through units at a price of C$0.265 per FT unit. Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents that included Canaccord Genuity Corp. and Echelon Wealth Partners Inc. 

Each unit consists of one common share and one half of one common share purchase warrant. Each FT unit consists of one common share to be issued as a “flow-through share” and one-half of one warrant. Each whole warrant entitles the holder to purchase one common share at a price of C$0.36 at any time on or before August 10, 2024.

The net proceeds will be used for the exploration and development of the company’s Davidson River Project and for working capital purposes.

Standard Uranium paid the agents total cash commissions of C$237,757 and issued 927,341 broker warrants exercisable for one unit at a price of C$0.24 at any time on or before August 10, 2024. The agents also received an advisory fee of C$33,855 and 128,659 broker warrants.

The securities issued are subject to a statutory hold period ending on December 11, 2021.

Standard Uranium is a Canadian-based mineral resource exploration company focused on the identification and development of prospective exploration stage uranium projects in the Athabasca Basin.

Standard Uranium Ltd. (STND) is down 1.82 per cent, trading at $0.27 per share at 11:20 am ET.

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