FOR IMMEDIATE RELEASE.
Toronto, Ontario and Nucla, Colorado, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) ("Western" or the "Company") is pleased to announce the closing of its brokered private placement financing previously announced in the Company's news release issued on December 4, 2023 (the "Offering"). Pursuant to the Offering, Western has issued a total of 5,215,828 units at a price of Cdn$1.39 per unit (each, a "Unit") for aggregate gross proceeds of approximately Cdn$7,250,000, with each Unit being comprised of one common share (each, a "Share") and one half of one common share purchase warrant (each, a "Warrant"). Each Warrant is exercisable into one Share of the Company at a price of Cdn$1.88 per Share, for a period of four (4) years from the date of issuance. A total of 5,215,828 Shares and 2,607,913 Warrants were issued pursuant to the Offering.
In connection with the Offering, Western has entered into an agency agreement with A.G.P. Canada Investment ULC ("A.G.P. Canada") pursuant to which A.G.P. Canada acted as sole agent and bookrunner for the Company. A cash commission equal to 7% of the gross proceeds so raised in the Offering is being paid to A.G.P. Canada.
The Units under the Offering were offered to purchasers pursuant to the listed issuer financing exemption ("LIFE") under Part 5A of National Instrument 45-106 Prospectus Exemptions in all the provinces of Canada, except Québec, and in certain other jurisdictions pursuant to applicable securities laws. Pursuant to the LIFE exemption, the Shares and Warrants are not subject to any statutory hold period under applicable Canadian securities laws. Western has prepared and filed an offering ...