Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) said it plans to raise up to C$1.6 million through a non-brokered private placement, with funds earmarked for advancing its uranium exploration projects in Saskatchewan and for general working capital.
The offering will comprise a mix of non-flow-through (NFT) units priced at C$0.085 per unit and flow-through (FT) units priced at C$0.10 per unit.
Each NFT unit will include one common share and half of a transferable common share purchase warrant. Each FT unit will consist of one flow-through common share, as defined by Canadian tax legislation, and half of a warrant.
A full warrant will allow holders to purchase an additional common share at C$0.15 within 24 months of issuance, the company said.
Proceeds from the sale of FT shares will be used to fund Canadian exploration expenses and flow-through critical mineral mining expenditures, qualifying under Canadian tax incentives. The funds will be renounced to investors effective by December 31, 2024.
Standard Uranium is focused on uranium exploration in Saskatchewan’s prolific Athabasca Basin, home to some of the world’s highest-grade uranium deposits.