Blue Sky Uranium Announces Warrant Exercise Incentive Program
Blue Sky Uranium Announces Warrant Exercise Incentive
Program
VANCOUVER, BC
,
Oct. 7, 2021
/CNW/ -
Blue Sky Uranium Corp.
(TSXV: BSK) (FSE: MAL2) (OTC: BKUCF),
"Blue Sky"
or the "Company")
announces that it intends to implement a warrant exercise incentive program (the "
Incentive Program
").
The Company has applied for TSX Venture Exchange (the "
TSXV
") approval for the Incentive Program.
As announced on
October 23, 2019
, the Company completed a private placement offering of 5,793,333 units ("
Units
") at a
subscription price of
$0.15
per Unit. Each unit was comprised of one common share and one common share purchase
warrant for two years at
$0.25
from the date of issuance (the "
Placement Warrants
"). All of the Placement Warrants remain
outstanding expiring
October 23, 2021
(the "
Expiry Date
").
The Incentive Program will commence on the date of receipt of conditional acceptance by the TSXV and will expire at
4:00
p.m.
(
Vancouver
time) on the Expiry Date (the "
Incentive Period
"). If the Placement Warrant holder exercises the Placement
Warrants, the Placement Warrant holder will receive one additional warrant (an "
Incentive Warrant
") in consideration of the
exercise of each Placement Warrant. Each Incentive Warrant will be exercisable to acquire one common share of the
Company at a price of
$0.35
per share for a period of three years from the date of issuance. The Company believes this will
give existing Placement Warrant holders the right incentive to exercise their Placement Warrants. The Incentive Warrants and
any shares issued upon the exercise of the Incentive Warrants will be subject to a hold period expiring four months plus one
day after the date of distribution of the Incentive Warrants.
In the event a Placement Warrant holder determines not to participate in the Incentive Program, then the Placement Warrants
will expire on
October 23, 2021
.
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 Company is not aware of any potential new insider position that would be created upon the exercise of the Placement
Warrants nor Incentive Warrants.
There are no guarantees of TSXV approval and the Company will provide further details on the manner by which Placement
Warrant holders may exercise their Placement Warrants under the Incentive Program if TSXV approval is granted.
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.
FORWARD LOOKING STATEMENTS
: Certain statements contained in this press release may constitute forward-looking
statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements
that certain actions, events or results "will" occur. This document contains statements about expected or anticipated future
events and/or financial results that are forward-looking in nature and as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, regulatory processes and actions, technical
issues, new legislation, competitive conditions, the uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events and the Company's ability to execute and implement its future plans. The actual events
may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to
make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not
place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking
statements, except as may be required by applicable securities laws.
View original content:
https://www.prnewswire.com/news-releases/blue-sky-uranium-announces-warrant-exercise-incentive-program-301395660.html
SOURCE
Blue Sky Uranium Corp.
View original content:
http://www.newswire.ca/en/releases/archive/October2021/07/c9443.html
%SEDAR: 00023601E
For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email:
CO: Blue Sky Uranium Corp.
CNW 15:12e 07-OCT-21