Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) reported that it has closed its previously announced Listed Issuer Financing Exemption (LIFE) offering, consisting of 25 million flow-through (FT) company units priced at C$0.10 per FT unit.
The uranium exploration company said it anticipates the net proceeds raised from the offering will be used for the exploration of its Saskatchewan uranium projects.
Each FT unit consists of one company common share plus one-half of one common share purchase warrant, with each warrant entitling the holder to purchase one Standard Uranium common share at a price of $0.15 at any time on or before October 15, 2027.
The company noted that it paid finders' fees of C$150,000 and issued 1.5 million non-transferable share purchase warrants to certain arms-length parties who assisted in introducing subscribers to the private placement offering.
Each finders' warrant is exercisable on the same terms as the other warrants.
In addition, Standard Uranium announced that it is also continuing to offer up to a further 16,761,000 FT units, at a price of $0.10 per FT unit, for gross proceeds of up to C$1,676,100 to purchasers residing in Canada.
The company added that any FT units issued in this separate offering will be subject to a statutory hold period for four-months-and-one-day in accordance with applicable securities laws.