Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) reported that it has completed an initial tranche of its previously announced, non-brokered private placement for gross proceeds of C$836,100.
The uranium exploration company said net proceeds from the offering will be used for the exploration of its Saskatchewan uranium projects and for working capital purposes.
Standard Uranium issued 7,751,250 non-flow-through (NFT) company units, priced at C$0.08 per unit, for gross proceeds of C$620,100, and 2,160,000 flow-through units (FT Unit), at a price of $0.10 per FT Unit, for gross proceeds of C$216,000 in connection with the first tranche.
Each NFT unit consists of one company common share plus one-half of one common share purchase warrant, while each FT Unit consists of one common share of the company plus one-half of one warrant.
Each whole warrant entitles the holder to purchase one Standard Uranium common share at a price of $0.15 at any time on or before September 16, 2027.
Standard Uranium added that certain company officers and their affiliates participated in the offering in the amount of 337,500 NFT units.
The company also noted that it paid finders' fees of C$33,275 and issued 393,450 non-transferable share purchase warrants to certain arms-length parties who assisted in introducing subscribers to the offering.
Each finders' warrant is exercisable on the same terms as the warrants.
Standard Uranium said it intends to complete a further tranche of the offering and will provide additional information once complete.
All securities issued connection to the offering’s first tranche plus any shares that may be issuable on exercise of any warrants or finders' warrants, will be subject to a statutory hold period until January 17, 2026.