Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0), a uranium exploration company focused on Saskatchewan’s Athabasca Basin, announced plans for a non-brokered financing of up to C$900,000 through the sale of as many as 9 million units priced at C$0.10 each.
The company said the offering will be conducted under the listed issuer financing exemption, allowing the securities issued to be free of hold periods under applicable Canadian securities laws
Each unit will include one common share and one-half of one common share purchase warrant. Each whole warrant will allow the holder to purchase an additional common share at C$0.15 beginning 61 days after the closing date of the offering and remaining valid for 36 months. The warrants will also include an accelerated expiry provision.
Standard Uranium said that if its shares trade at or above C$0.30 for 10 consecutive trading days after the initial 61-day period, the company may accelerate the expiry date by issuing a press release, after which warrant holders would have five days to exercise them. The company said net proceeds from the financing are expected to support exploration work at its Davidson River project as well as general working capital purposes