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May 10, 2021, Toronto, Ontario and Newcastle, Colorado (GLOBE NEWSWIRE) Western Uranium and Vanadium Company (CSE:WUC) (OTCQX:West Franc) (“WEAT“Or”the company“) is pleased to announce that 1,706,570 warrants (hereinafter referred to as “warrants”) have been exercised, and 1,706,570 shares were issued in April 2021 and May 2021. The total amount of funds raised from the exercise of the warrants is CAD 1,966,059. Western currently has 38,165,317 shares outstanding.
The exercise of the warrants mainly includes the warrants issued by private equity, which were closed in July and August 2018, for a period of 24 months from the date of issuance. Subsequently, on April 20, 2020, the original expiry dates of the 2018 warrants were extended to April 30, 2021 and May 9, 2021, respectively. In 2018, 80% of the warrant holders were elected to exercise, and the remaining 516,103 warrants have now expired.
The company expects that the net proceeds from the exercise of the warrants will be used to obtain value-added opportunities to fund the follow-up work of five mines, including the Sunday mining area, the exploration and development of the second production center, and general corporate and working capital purposes.
The securities issued under warrants have not been registered under the US Securities Act of 1933 and may therefore be offered or sold without registration or exemption from registration requirements.
A kindAbout Western Uranium and Vanadium Corporation
Western Uranium & Vanadium Corp. is a conventional uranium and vanadium mining company located in Colorado, dedicated to the development and application of low-cost, near-term production of uranium and vanadium in the western United States, as well as the development and application of kinetic separation.
Warning note regarding forward-looking information: Certain information contained in this press release constitutes “forward-looking information” or “forward-looking statements” as defined by applicable securities laws (hereinafter collectively referred to as “forward-looking statements”). Statements of this nature include statements related to or related to the following matters: the company’s expectations, estimates and forecasts for the exploration and production plan and results; the timing of planned activities; whether the company can raise any other necessary for the implementation of the plan Funds; whether regulatory requirements or similar requirements can be met to allow planned activities; and more generally related to the company’s business and the economic and political environment applicable to its operations, assets and plans. All these forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the company’s control or predictive capabilities. Please refer to the company’s latest management discussion and analysis and its other documents at: www.sec.gov and / or www.sedar.comTo view these risk factors in more detail. Readers are cautioned not to rely too much on the company’s forward-looking statements, and these statements were made as of the date of writing this article. Although the company can do so, it does not undertake the obligation to update these forward-looking statements at any given time, except as required by applicable laws and regulations.
For additional information, please contact:
George Grassier, President and Chief Executive Officer; Tel: 970-864-2125; Email: gglasier@western-uranium.com
Robert Klein Chief Financial Officer; Tel: 908-872-7686; Email: rklein@western-uranium.com
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