WUC Closes Oversubscribed Non-Brokered Private Placement; Sunday Mine Complex Project Fully Funded (April 17, 2019)
Western Uranium & Vanadium Closes Oversubscribed Non-Brokered Private Placement;
Sunday Mine Complex Project Fully Funded
Toronto, Ontario and Nucla, Colorado, April 17, 2019 - Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX:
WSTRF) (“Western” or the ”Company”) is pleased to announce the closing of a non-brokered private placement
(the “Private Placement”) of 3,914,632 units (the ”Units”) at a price of CAD$0. 98 per Unit. The aggregate gross
proceeds raised in this Private Placement amount to CAD$3,836,340. Western used the overallotment option to
satisfy investors' oversubscription demand.
Each Unit consists of one common share of Western (a "Share") plus one -half (1/2) common share purchase
warrant of Western (each whole warrant, a “ Warrant”). Each Warrant shall entitle the holder to purchase one
Share at a p rice of CAD$1.70 per Share for a period of three years following the c losing date of the Private
Placement. A total of 3,914,632 Shares and 1,957,316 Warrants were issued.
The Warrants contain a provision that if the Company’s S hares trade at or above C AD$3.00 per S hare for 10
consecutive trading days, the Company may, at any time after the expiry of the applicable statutory hold period,
accelerate the expiration of the Warrants upon not less than 30 days ’ written notice by the Company (the
“Acceleration Clause”).
The proceeds of the Private Placement will fully fund the previously announced Sunday Mine Complex (“SMC”)
Vanadium Project (see the news release issued by the Company on March 13, 2019) . The work program , which
will commence within weeks, will focus on the identification of high -grade vanadium zones by XRF surface
sampling and underground drilling, test mining, vanadium ore sample delivery, and large -scale ore testing to
further define the vanadium resource for near- term delivery to worldwide vanadium processing facilities. The
work program 's secondary focus is to advance SMC toward prospective Section 232 U.S. domestic uranium
opportunities.
The U.S. Department of Commerce (“DOC”) has completed the Section 232 national security investigation into
uranium imports and transmitted their report to the White House earlier this week . President Trump now has a
90 day period to consider the report and its recommendations and make a determination as to whether to take
the recommended actions or modified actions.
In connection with the Private Placement, the Company paid CAD $21,971.60 in finder’s fees plus 6,370
compensation warrants exercisable for two years, each warrant being exercisable at CAD$1. 70 per Share of the
Company. The compensation warrants are subject to the Acceleration Clause.
Securities issued pursuant to the Private Placement shall be subject to a statutory six (6) month and one day hold
period. The closing of the Private Placement remains subject to final regulatory approval.
The securities offered and sold have not been and will not be registered under the U.S. Securities Act of 1933
and may not be offered or sold in the United States absent registration or an applicable exemption from
registration requirements.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company
focused on low cost near -term production of uranium and vanadium in the western United States, and
development and application of Ablation Mining Technology.
Cautionary Note Regarding Forward- Looking Information: Certain information contained in this news release
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 upon: the Company’s expectations, estimate sand projections regarding exploration
and production plans and results; the timing of planned activit ies; whether the Company can raise any additional
funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit
planned activities; and more generally to the Company’s business, and the economic and politica l 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 m ost recent Management’s Discussion and Analysis, as well as its other filings at www.sec.gov
and/or www.sedar.com, for a more detailed review of those risk factors. Readers are cautioned n ot 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
970-778-9195
Robert Klein
Chief Financial Officer
908-872-7686