First American Uranium (CSE:URM), focused on the development and extraction of uranium resources, has announced a non-brokered private placement. The company is looking to raise gross proceeds of up to $445,000 from the placement of up to 2.8 million units priced at $0.15 per unit. The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.30 for 24 months.
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First American Uranium (CSE:URM), focused on the development and extraction of uranium resources, has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $445,000 from the placement of up to 2.8 million units priced at $0.15 per unit.
The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.30 for 24 months.
The shares are currently trading at $0.16.
The company is using the listed issuer exemption, whereby the offering is also available to non-accredited investors without a hold period.
Net proceeds from the offering will used for expenditures on its current properties in British Columbia and New Mexico, on new projects or acquisitions, marketing and for working capital.
The Silver Lake Property, located on Crown Land, is situated around Goosly Lake, approximately 30 km southeast of the town of Houston, in north-central British Columbia.
The property consists of 8 contiguous mineral claims totaling 1647.24 hectares within the Omineca Mining Division.
Previous to First American Uranium’s acquisition, extensive geochemical sampling, geophysical surveys, physical work, percussion and diamond drilling have been conducted on various cells within the Silver Lake Property.
The Red Basin property is located in Catron County, New Mexico, approximately 15 miles northeast of Pie Town, and approximately 85 miles southwest of Albuquerque.
The Red Basin Uranium/Vanadium Project area has significant previous exploration history.
According to the Red Basin project’s initial draft NI 43-101 report, evaluations of the property from several sources confirm the presence of uranium/vanadium deposits, indicating the potential to become an advanced stage project.
Shawn Balaghi, CEO, recently stated: “The wave of global interest and investment in clean, nuclear energy is strengthening the positive outlook for uranium in both the near and long term. We’re excited to be determining the potential of our uranium properties to become part of a secure, domestic supply chain, especially with uranium prices recently reaching their highest levels in over a decade.”
For more information, please visit the company’s website at www.FirstAmericanUranium.com, contact Shawn Balaghi, CEO, at 604-773-0242, or by email at info@FirstAmericanUranium.com
