Toronto/Nucla, CO (pcJ News Briefs) – Western Uranium Corporation (CSE:WUC; OTCQX: WSTRF) has completed a non-brokered private placement of 634,424 units at $1.75 per unit for gross proceeds of $1,110,263.
Each unit consists of one common share and one common share purchase warrant entitling the holder to purchase one common share at a price of CDN $3.25 for a period of five years following the closing date.
Western intends to use the net proceeds to fund its production strategy, resource acquisition, holding costs, debt service, and working capital. The primary production strategy expenditures will be applied to the advancement of Ablation Technology and securing a relationship to develop the Pinon Ridge Mill.
Western Uranium Corporation is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States and development and application of ablation mining technology.
photo credit: Western Uranium