On November 12, 2021, Labrador Uranium Inc. completed a private placement of 11,428,571 subscription receipts at a price of $0.70 per subscription receipt for gross proceeds of $8 million, which includes the full exercise of the agents’ option. Each subscription receipt entitles 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. Each whole warrant entitles the holder to acquire one common share of Labrador Uranium at a price of $1.05 for a period of 24 months following the escrow release.
The escrow release conditions include the satisfaction of all conditions precedent to the completion of the planned spin-out of Labrador Uranium as well as receipt of conditional approval for the listing of the common shares of Labrador Uranium on the Canadian Securities Exchange.
Cassels acted for Labrador Uranium.