Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) announced what it called a “significant” expansion to the planned diamond drill program at its flagship Davidson River project in Saskatchewan’s Athabasca Basin region.
The uranium exploration company said the drill program will now aim to complete between 8,000 to 10,000 meters beginning in May 2026, marking the first drill program on the project since 2022.
Standard Uranium also reported that it has closed an additional tranche, Tranche 3, of its previously announced, non-brokered private placement, issuing 6,297,500 non-flow-through (NFT) units at C$0.08 per unit for gross proceeds of C$503,800.
To date, the company said it has issued 15,598,750 NFT units, and 5,760,000 flow-through (FT) units, in connection with the private placement offering for combined gross proceeds of C$1,823,900.
"Our shareholders and advisors asked us to complete a larger drill program than we originally had planned for this fall based on the targets we are seeing from the work completed this summer," Standard Uranium CEO Jon Bey said in a statement.
"With the recent financial support of our capital raise, we will be fully funded to complete the 8,000 to 10,000 meters of drilling planned."
In addition, the company also announced a Listed Issuer Financing Exemption (LIFE) offering of up to 25,000,000 FT units to purchasers who reside in Canada, except Québec, to raise gross proceeds of up to C$2.5 million.
Standard Uranium noted that net proceeds raised from the private placement and the LIFE offering will be used for the exploration of the company's Saskatchewan uranium projects and for working capital purposes.
The company added that it does not intend to offer any further NFT units at this time but will continue to offer up to a further 16,761,000 FT units at a price of C$0.10 per FT unit, for gross proceeds of up to C$1,676,100.