Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) reported that it has closed a second tranche of its previously-announced, non-brokered private placement for gross proceeds of C$484,000.
The company issued 1.55 million non-flow-through (NFT) units in the second tranche, for $0.08 per NFT unit, for gross proceeds of C$124,000, and 3.6 million flow-through (FT) units, for $0.10 per FT unit, for gross proceeds of C$360,000.
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 Standard Uranium common share plus one-half of one warrant.
Each whole warrant entitles the holder to purchase one company common share for $0.15 at any time on or before September 24, 2027.
Standard Uranium noted that when combined with the first tranche of the private placement offering, it has raised gross proceeds of C$1,320,100 through the issuance of 9,301,250 NFT units and 5,760,000 FT units.
The company added that it anticipates closing a further tranche of the private placement offering to raise total gross proceeds of C$3.5 million.
As well, Standard Uranium announced a Listed Issuer Financing Exemption (LIFE) offering of up to 20 million FT units, in addition to the private placement offering, to purchasers residing in Canada, except Québec.
The company anticipates that the net proceeds raised from the private placement offering and the LIFE offering will be used for the exploration of its Saskatchewan uranium projects and for working capital purposes.
In connection with the second tranche, the company paid finders' fees of C$21,000 and issued 210,000 non-transferable share purchase warrants to certain arms-length parties who assisted in introducing subscribers to the private placement.
All securities issued pursuant to the second tranche and any shares that may be issuable on exercise of any warrants or finders' warrants, are subject to a statutory hold period until January 25, 2026.