VANCOUVER, BC, Oct. 26, 2021 /CNW/ - Blue Sky Uranium
Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), "Blue Sky" or
the "Company") is pleased to announce that pursuant to the
Company's warrant exercise incentive program (the "Incentive
Program") as announced on October 7,
2021, certain warrant holders have exercised a total of
4,760,000 warrants for total gross proceeds to the Company of
$1,190,000.
The Company has issued 4,760,000 common shares through the
exercise of the original warrants and issued 4,760,000 incentive
warrants. Each incentive warrant entitles the holder to acquire an
additional common share of the Company at a price of $0.35 per share until October 23, 2024. The incentive warrants and any
shares issued upon exercise of the incentive warrants are subject
to a hold period expiring four months plus a day from issuance.
Funds raised will be used for working capital and exploration on
properties.
A portion of the Placement Warrants, eligible for participation
in the Incentive Program, are held by insiders of the Company.
Participation by any such insiders in the Incentive Program may
constitute a related party transaction pursuant to Multilateral
Instrument 61-101 – Special Transactions ("MI 61-101"). The
Company is exempt from the formal valuation requirement pursuant to
subsections 5.5(a) and (b) of MI 61-101, and from the minority
approval requirement pursuant to subsection 5.7(1)(a) of MI
61-101
The balance of the 5,793,333 warrants that were not exercised
under the Incentive Program expired on October 23, 2021.
The Company will now apply to the TSX Venture Exchange for final
acceptance to close the Incentive Program.
The Company intends to use the proceeds from the exercise of any
Placement Warrants for working capital and exploration on its
properties in Argentina.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in
Argentina. The Company's objective
is to deliver exceptional returns to shareholders by rapidly
advancing a portfolio of surficial uranium deposits into low-cost
producers, while respecting the environment, the communities, and
the cultures in all the areas in which we work. Blue Sky has the
exclusive right to properties in two provinces in Argentina. The Company is a member of the
Grosso Group, a resource management group that has pioneered
exploration in Argentina since
1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________________
Nikolaos Cacos, President, CEO and
Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Blue Sky Uranium Corp.