On April 5, 2023, Labrador Uranium Inc. completed a private placement of 18,672,000 subscription receipts at a price of $0.35 per subscription receipt and 14,359,698 flow-through subscription receipts at a price of $0.42 per flow-through subscription receipt, for aggregate gross proceeds of approximately $12.5 million, which includes the partial exercise of the underwriters’ option. Each subscription receipt entitled the holder thereof to automatically receive, upon satisfaction of certain escrow release conditions, one common share of Labrador Uranium and one-half of one common share purchase warrant and each flow-through subscription receipt entitled the holder thereof to automatically receive, upon satisfaction of certain escrow release conditions, one common share of Labrador Uranium that qualifies as one “flow-through share” as defined in subsection 66(15) of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of Labrador Uranium at a price of $0.50 at any time on or before April 5, 2026.
The escrow release conditions included the satisfaction of all conditions precedent to the completion of Labrador Uranium’s acquisition of the Angilak Property, located in Nunavut Territory, Canada, from ValOre Metals Corp. The escrow release conditions were satisfied, and the subscription receipts and flow-through subscription receipts were converted, on June 19, 2023.
Cassels acted for Labrador Uranium.