On August 24, 2023 and November 7, 2023, Premier American Uranium Inc. completed the first and second tranches, respectively, of a private placement of an aggregate of 4,763,457 subscription receipts at a price of $1.50 per subscription receipt, for aggregate gross proceeds of approximately $7.1 million, which includes the partial exercise of the agents’ option.
Each subscription receipt entitled the holder thereof to automatically receive, upon satisfaction of certain escrow release conditions, one common share of Premier American Uranium and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of Premier American Uranium at a price of $2.00 at any time on or before November 27, 2026.
The escrow release conditions included the satisfaction of all conditions precedent to the completion of the planned spin-out of Premier American Uranium as well as receipt of conditional approval for the listing of the common shares of Premier American Uranium on the TSX Venture Exchange. The escrow release conditions were satisfied, and the subscription receipts were converted, on November 27, 2023.
Cassels acted for Premier American Uranium.