Vancouver, British Columbia: Western Uranium Corporation (the “Company” or “Western Uranium”) is pleased to announce that Dundee Securities Corporation and Haywood Securities Inc. (collectively, the “Agents”) have agreed to act as exclusive agents to complete a private placement offering, on a commercially reasonable efforts basis, of up to 2,600,000 flow-through shares at a price of $1.25 per share for gross proceeds of up to $3,250,000. Proceeds of the offering will be used for exploration expenditures on the Company’s recently acquired properties in the Thelon Basin in Nunavut and the Northwest Territories, which expenditures will qualify as “flow-through mining expenditures” for the purpose of the Income Tax Act (Canada).
The flow-through shares will be offered to qualified purchasers in British Columbia, Alberta, Ontario and such other jurisdictions as may be agreed upon between the Company and the Agents. The offering is subject to certain conditions, including TSX Venture Exchange approval.
The Agents will receive a cash commission equal to 8.0% of the gross proceeds of the offering and compensation warrants which will entitle the holder to acquire for a period of twelve months that number of non flow-through common shares as is equal to 8.0% of the number of flow-through shares sold under the offering at an exercise price of $1.25 per share.
On behalf of the Board of
Western Uranium Corporation
“Pamela Klessig”
Pamela J. Klessig
President & CEO
For further information contact:
Western Uranium Corporation
Telephone: 775-827-3311
Email: info@westernuranium.com
Website: www.westernuraniumcorp.com
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.
Western Uranium Corporation is a mineral exploration company with a focus on uranium. The Company has exploration properties in Kings Valley, Nevada and in Treeline, New Mexico. The Company has its head office in Vancouver, Canada; and its executive management team is based in Reno, Nevada.
Forward-looking statements: This document may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company’s capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
