International Consolidated Uranium Inc. (“
CUR” or
the “
Company”) (TSXV: CUR) is pleased to announce
that it has closed its previously announced “bought deal” private
placement (the “
Offering”) with Haywood Securities
Inc. and Red Cloud Securities Inc. (the
“
Underwriters”) as co-lead underwriters. The
Offering consisted of an aggregate of 5,000,400 units of the
Company (the “
Units”), including the full exercise
of the Underwriters’ option, at a price of C$1.80 per Unit (the
“
Issue Price”) for aggregate gross proceeds of
C$9,000,720.
Philip Williams, President and CEO commented “We
are pleased to close another over-subscribed financing, backed by
strong institutional support, including existing and new investors.
The company is now well funded to close on its announced
acquisitions as well as pursue new opportunities, with over C$23
million in cash and cash equivalents. Our potential deal pipeline
remains full, with anticipated new and complimentary acquisition
targets. We believe that our track record of six announced
acquisitions in the past 12 months should give investors confidence
in our ability to continue to execute on this plan. At the same
time, we are encouraged by the market’s growing interest in the
uranium sector and its positive reaction to our business plan.”
Each Unit consists of one common share (a
“Common Share”) in the capital of the Company and
one-half of one Common Share purchase warrant (each whole Common
Share purchase warrant, a “Warrant”) of the
Company. Each Warrant is exercisable to acquire one Common Share (a
“Warrant Share”) at a price per Warrant Share of
C$2.60 until June 3, 2023.
The net proceeds from the Offering are expected
to be used for exploration and development of the Company’s uranium
properties, for potential acquisitions, and for working capital and
general corporate purposes.
In connection with the Offering, the
Underwriters received a cash commission equal to 6.0% of the gross
proceeds of the Offering and such number of non-transferable
compensation options (the “Compensation Options”)
equal to 6.0% of the aggregate number of Units sold under the
Offering. Each Compensation Option is exercisable to acquire one
Common Share at the Issue Price until June 3, 2023. All securities
issued under the Offering are subject to a statutory hold period
under Canadian securities legislation expiring on October 4,
2021.
The securities offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be
unlawful.
About International Consolidated
Uranium
International Consolidated Uranium Inc.
(formerly, NxGold Ltd.) is a Vancouver-based exploration and
development company. The Company has entered option agreements to
acquire five uranium projects in Australia, Canada and Argentina
each with significant past expenditures and attractive
characteristics for development. With Mega Uranium Ltd. (TSX: MGA),
the Company has the right to acquire a 100% interest in the Ben
Lomond and Georgetown uranium projects in Australia; with IsoEnergy
Ltd. (TSXV: ISO), the right to acquire a 100% interest in the
Mountain Lake uranium project in Nunavut, Canada; with a private
individual, the Company has the right to acquire a 100% interest in
the Moran Lake uranium and vanadium project in Labrador, Canada;
with U3O8 Corp. (TSXV: UWE.H), the Company has the right to acquire
a 100% interest in the Laguna Salada uranium and vanadium project
in Argentina; and the Company has acquired the Dieter Lake project
in Quebec, Canada. The Company entered into the Mountain Lake
option agreement with IsoEnergy Ltd. on July 16, 2020, and the
transaction remains subject to regulatory approval, as does the
transaction with U3O8 Corp. on the Laguna Salada Project.
In addition, the Company owns 80% of the Mt. Roe
gold project located in the Pilbara region of Western Australia and
an equity interest in Meliadine Gold Ltd., the owner of the Kuulu
Gold Project (formerly known as the Peter Lake Gold Project) in
Nunavut.
Philip Williams
President and CEOInternational Consolidated
Uranium Inc. +1 778 383 3057pwilliams@consolidateduranium.com
Neither TSX Venture Exchange nor its Regulations
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding
“Forward-Looking” Information
This news release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. “Forward-looking information” includes, but is not
limited to, statements with respect to activities, events or
developments that the Company expects or anticipates will or may
occur in the future including the use of proceeds from the
Offering; growing interest in the uranium sector; closing of the
Company’s announced acquisitions; the Company’s pursuit of new and
complimentary acquisition targets; and the Company’s ability to
fund future acquisitions. Generally, but not always,
forward-looking information and statements can be identified by the
use of words such as “plans”, “expects”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or
“believes” or the negative connotation thereof or variations of
such words and phrases or state that certain actions, events or
results “may”, “could”, “would”, “might” or “will be taken”,
“occur” or “be achieved” or the negative connotation thereof. Such
forward-looking information and statements are based on numerous
assumptions, including that general business and economic
conditions will not change in a material adverse manner, that
financing will be available if and when needed and on reasonable
terms, and that third party contractors, equipment and supplies and
governmental and other approvals required to conduct the Company’s
planned exploration activities will be available on reasonable
terms and in a timely manner. Although the assumptions made by the
Company in providing forward-looking information or making
forward-looking statements are considered reasonable by management
at the time, there can be no assurance that such assumptions will
prove to be accurate.
Forward-looking information and statements also
involve known and unknown risks and uncertainties and other
factors, which may cause actual events or results in future periods
to differ materially from any projections of future events or
results expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in the forward-looking information
or implied by forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking
information and statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated, estimated or intended. Accordingly, readers should not
place undue reliance on forward-looking statements or information.
The Company undertakes no obligation to update or reissue
forward-looking information as a result of new information or
events except as required by applicable securities laws.
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