Western Uranium Increases Placement to $1.21-million

Western Uranium Corporation (CSNX:WUC) (OTCQX:WSTRF) has made an increase in the amount of the previously announced closing of a non-brokered private placement from 910,950 units to 1,010,950 units, for an increase of gross proceeds to $1,213,140 from $1,093,140, which remains subject to final regulatory approval.
After having given effect to the increased participation in the private placement, the company issued a total of 1,010,950 units at a price of $1.20 per unit. Each unit consists of one common share of the company plus one common share purchase warrant of the company. Each warrant shall entitle the holder to purchase one share at a price of $2.80 for a period of five years following the closing date of the private placement. The securities issued pursuant to the offering are subject to a six-month statutory hold period.
The proceeds of the private placement will be used to finance development and regulatory approval of the company’s ablation technology, landholding and mine preparation/property evaluation, agreement costs with the Pinon Ridge mill site, paying the costs of the company’s acquisition of Black Range Minerals Ltd., and meeting working capital, payable and project, and debt service obligations.
In connection with the private placement, the company paid $48,331 in finders’ fees plus 40,276 compensation warrants exercisable for five years, each warrant exercisable at 2.80 for one common share.
About Western Uranium
Western Uranium is a Colorado-based uranium and vanadium company focused on the near-term production of uranium and vanadium in the Western United States.
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