Standard Uranium Ltd (CVE:STND) (OTCQB:STTDF) (FRA:9SU) has announced that it is raising up to C$4 million to advance its Davidson River project in Saskatchewan.
Spanning 25,886 hectares, the company believes that Davidson River is highly prospective for basement-hosted uranium deposits.
The deposit remains relatively untested by drilling despite its location along trend from recent high-grade uranium discoveries in the Athabasca Basin, it said.
READ: Standard Uranium kicks off summer drilling at its Davidson River Project in Saskatchewan
Under the terms of the financing, led by Red Cloud Securities Inc, the company is offering at least 4,166,667 units at a price of C$0.24 per unit for minimum gross proceeds of C$1 million. Additionally, the offering will include flow-through units priced at C$0.265 per unit and a group of flow through units sold to charitable buyers at C$0.32.
Each regular unit flow-through unit and charity flow-through unit will consist of one common share of the company and one half of one warrant. Each whole warrant entitles the holder to purchase an additional share at a price of C$0.36 for a three-year term.
The offering's agents will have an option to sell up to an additional C$1 million in any combination of units, flow-through units and charity flow-through units at their respective offering prices.
Additional proceeds will be used for working capital.
The offering is expected to close by August 5, 2021.
Contact Angela at angela@proactiveinvestors.com
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