December 4, 2023 (Source) — Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the ”Company”) is pleased to announce that it has entered into an agency agreement with A.G.P. Canada Investment ULC (“A.G.P. Canada“) pursuant to which A.G.P. Canada will act as sole agent and bookrunner for the Company on a “best efforts” agency basis in connection with a brokered private placement financing of up to 5,215,828 units at a price of Cdn$1.39 per unit for aggregate gross proceeds of up to Cdn$7,250,000 (the “Offering”). Each unit to be placed in the Offering (each, a “Unit”) will be comprised of one common share and one half of one common share purchase warrant, each whole warrant being exercisable for one common share of the Company at a price of Cdn$1.88 per share, for a period of four (4) years.
The Units to be issued under the Offering will be offered to purchasers pursuant to the listed issuer financing exemption (“LIFE”) under Part 5A of National Instrument 45-106– Prospectus Exemptions in all the provinces of Canada, except Québec, and in certain other jurisdictions pursuant to applicable securities laws. The securities issuable pursuant to the LIFE exemption will not be subject to any statutory hold period under applicable Canadian securities laws. Western has prepared and filed an offering document (the “Offering Document”) relating to the Offering that can be accessed under the Company’s profile at www.sedarplus.com, as well as on the Company’s website at www.western-uranium.com. Prospective investors should read the Offering Document before making an investment decision.
Closing of the Offering is subject to certain conditions and receipt of all necessary approvals, including compliance with the requirements of the Canadian Securities Exchange.
A commission will be paid to A.G.P. Canada on proceeds raised from the Offering through their efforts. The commission will be comprised of a cash commission equal to 7% of the gross proceeds so raised in the Offering.
As described in greater detail in the Offering Document, the net proceeds of the Offering will be used as follows: (a) licensing and development of the Maverick Mineral Processing Plant; (b) expand production capability at Sunday Mine Complex by adding a second mining team to develop the next major ore body and continue underground long hole drilling program; (c) continuation of permitting of San Rafael (Utah) and Topaz mine (Colorado); (d) purchase mining equipment to prepare for a third mining team; and (e) general corporate working capital purposes, including general and administrative costs.
In addition, the Units will be offered in the United States on a private placement basis pursuant to available exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“); and in such other jurisdictions outside of Canada and the United States, as agreed upon by A.G.P. Canada and the Company, pursuant to available prospectus and registration exemptions in accordance with applicable laws. The securities described herein have not been, and will not be, registered under the U.S. Securities Act or any state securities laws, and accordingly,may not be offered or sold within the United States except in compliance with the registrationrequirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptionstherefrom. This press release does not constitute an offer to sell or a solicitation to buy anysecurities in any jurisdiction.
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 the Offering and 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.sedarplus.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.