Western Uranium & Vanadium Closes Second Tranche in CAD $5.5 Million Financing
November 20, 2024
Western Uranium & Vanadium Closes Second Tranche in CAD $5.5 Million Financing
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
FOR IMMEDIATE RELEASE.
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“ Western”
or the ”Company”) is pleased to announce that it has received aggregated gross proceeds of approximately CAD $5.5
million through the issuance of a total of 4,142,906 common shares and 4,142,906 warrants in two tranches of a
financing which was initially announced in the news release issued by the Company on November 8, 2024 (the
“Offering”).
For details on the first tranche closing of the Offering, please refer to the news release issued by Western on November
18, 2024. In the second tranche of the Offering which has closed today , Western placed a total of 323,211 units at a
price of CAD $1.32 per unit (each, a “ Unit”) for aggregate gross proceeds of approximately CAD $426,638 (the “Second
Tranche”) with each Unit being comprised of one common share (each, a “ Share”) and one common share purchase
warrant (each, a “Warrant”). A total of 323,211 Shares and 323,211 Warrants were issued in the Second Tranche, each
Warrant being exercisable for one Share of the Company at a price of CAD $1.78 per Share for a period of four (4) years
from the date of its issuance.
The net proceeds of the Offering will be used for the expansion of the production capability and mining at the Sunday
Mine Complex, licensing and development of minerals processing facilities, baseline data collection and permitting of
the San Rafael Project, acquisition of uranium/vanadium properties in clos e proximity to Western’s production centers,
purchase of additional mining equipment and for general working capital purposes.
Closing of the Offering is subject to certain conditions and receipt of all necessary approvals, including compliance with
the requirements of the Canadian Securities Exchange.
Pursuant to an agency agreement between the Company and A.G.P. Canada Investment ULC (the “Agent”), who acted as
sole agent and bookrunner for Western in connection with the Offering , the Agent has an over -allotment option ,
exercisable no later than December 23, 2024, to place up to an additional 625,000 Units for additional gross proceeds to
the Company of up to CAD $825,000.
In this Second Tranche, securities were issued to purchasers who are residents in the United States pursuant to available
exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the " U.S.
Securities Act"); in addition, all securities were issued outside of Canada pursuant t o the Ontario Securities Commission
Rule 72-503 – Distributions Outside Canada and therefore are not subject to any statutory hold period under applicable
Canadian securities laws.
The securities described herein have not been, and will not be, registered under the U.S. Securities Act or any state
securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the
registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to
exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any
jurisdiction.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping -up high-grade uranium and vanadium production at its Sunday Mine
Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also
includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge
Corporation processing plant will be licensed to include the kinetic separation process.
Cautionary Note Regarding Forward -Looking Information: Certain information contained in this news rel ease
constitutes “forward-looking information” or “forward -looking statements” within the meaning of applicable securities
laws (collectively, “forward-looking statements”). Statements of that nature include statements relating to, or that are
dependent u pon: the Company’s expectations, estimates and projections regarding the Offering and exploration and
production plans and results; the timing of planned activities; whether the Company can raise any additional funds
required to implement its plans; wheth er regulatory or analogous requirements can be satisfied to permit planned
activities; and more generally to the Company’s business, and the economic and political environment applicable to its
operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties,
many of which are beyond the Company’s ability to control or predict. Please refer to the Company’s most recent
Management’s Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedarplus.com, for a
more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company’s
forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so,
it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to
the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier
President and CEO
970-864-2125
Robert Klein
Chief Financial Officer
908-872-7686
The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its Market
Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this
press release.