Premier American Uranium Announces Private Placement for Proceeds of at least C$5.0 Million
Summary
Not for distribution to United States Newswire Services or for dissemination in the United StatesTORONTO, April 11, 2024 (GLOBE NEWSWIRE) -- Premier American Uranium Inc. (PUR, the Company or Premier American Uranium) (TSXV: PUR) is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner with PI Financial Corp. acting as co-agent (collectively, the Agents) in connection with a fully marketed private placement (the Offering) of up to 2,040,817 subscription receipts of PUR (each, a Subscription Receipt) at a price of C$2.45 per Subscription Receipt (the Offering Price) for gross proceeds of up to C$5,000,002. The Agents will have an option, exercisable in full or in part up to 48 hours prior to the closing of the Offering, to sell up to an additional 408,164 Subscription Receipts at the Offering Price for additional gross proceeds of up to C$1,000,002. The Offering is expected to include lead orders of at least C$1.5 million in the aggregate from Sachem Cove Partners, and Mega Uranium Ltd.Colin Healey, CEO of PUR commented, We are excited to be strengthening our balance sheet at a time when uranium fundamentals are extremely robust. PUR was strategically built to acquire, explore, and develop uranium assets in the U.S. Now, with the anticipated closing of the arrangement with American Future Fuel, our scope has expanded to encompass three key uranium mining districts: the Great Divide Basin of Wyoming, the Uravan Mineral Belt of Colorado, and the Grants Mineral Belt in New Mexico. We believe todays financing positions us well to advance our growth strategy and we extend our gratitude to our cornerstone shareholders, Sachem Cove Partners, and Mega Uranium Ltd., and other institutional investors, whose ongoing support provides us the ability to execute our vision.Each Subscription Receipt will entitle the holder thereof to automatically receive, upon satisfaction or waiver, as applicable, of certain escrow release conditions (the Escrow Release Conditions), one unit of PUR (a Unit).