Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) has announced plans to conduct a non-brokered private placement to raise up to $2 million.
The placement will consist of any combination of non-flow-through (NFT) units of the company at a price of $0.035 per NFT unit and charity flow-through units of the company at a price of $0.05 each.
The company said the net proceeds from the offering will be used for exploration purposes and working capital, with the proceeds from the sale of FT units used for Canadian exploration expenses and flow-through mining expenditures.
The company is offering one common share purchase warrant for each NFT unit and one warrant for each charity flow-through unit, entitling the holder to purchase one common share of the company at a price of $0.08 within 24 months after the closing date of the offering.
If the closing price of the common shares of the company on the TSX Venture Exchange exceeds $0.10 for 10 consecutive trading days, the company may choose to accelerate the expiry date of the warrants to the date that is 30 days following a public announcement of the election.
Standard Uranium is a Canadian uranium exploration company with a focus on the Athabasca Basin in Saskatchewan.
Contact the author at jon.hopkins@proactiveinvestors.com