Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) closed the first tranche of its previously announced non-brokered private placement, raising gross proceeds of C$889,700 to fund exploration and working capital.
The company issued 8.897 million units at C$0.10 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at C$0.15 per share for 36 months.
The net proceeds will be used to advance exploration at the company's flagship Davidson River uranium project and for general working capital purposes.
The warrants include an accelerated expiry provision. If the company's shares trade at or above C$0.30 for 10 consecutive trading days after closing, Standard Uranium may accelerate the expiry date by issuing a press release, after which holders will have five days to exercise their warrants.
In connection with the financing, the company paid C$34,800 in finder's fees and issued 348,000 non-transferable finder's warrants to certain parties that introduced subscribers. Of those, 138,000 carry the same terms as the financing warrants, while the remaining 210,000 are exercisable at C$0.15 per share for 24 months without the accelerated expiry feature.
A company director participated in the financing by subscribing for 1 million units. Standard Uranium said the investment constitutes a related-party transaction under Canadian securities regulations but qualifies for exemptions from formal valuation and minority shareholder approval requirements.
The securities issued under the first tranche will be subject to a statutory hold period ending October 31, 2026.
The company said it intends to complete an additional tranche of the private placement and will provide further details once it is finalized.