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Standard Uranium Ltd. (TSXV: STND) (OTCQB: STTDF) (FSE: 9SU0) says it will offer up to 9,000,000 units at a price of $0.10 per unit under the listed issuer financing exemption. The company expects aggregate gross proceeds of up to $900,000.
The offering will be made pursuant to Part 5A of National Instrument 45-106 and CSA Coordinated Blanket Order 45-935. The securities issued under the exemption will not be subject to a hold period under applicable Canadian securities laws.
Each unit consists of:
Each warrant entitles the holder to acquire an additional common share at $0.15 per share. Warrants may be exercised starting on the 61st day after the closing date and ending 36 months from the closing date.
The warrants are subject to accelerated expiry if, any time after the 61-day period following the closing date, the closing price of the company’s common shares on the TSX Venture Exchange (or another market where the shares trade) is at least $0.30 for 10 consecutive trading days. In that case, the company may provide notice and issue a press release stating that the warrants will expire five days after the date of the press release.
Holders may exercise the warrants during the five-day period between the press release announcing the accelerated expiry date and the warrants’ expiration.
The company anticipates using the net proceeds from the offering for exploration of its Davidson River project and for working capital purposes. Completion of the offering remains subject to approval of the TSX Venture Exchange.
The company also anticipates paying finders’ fees to eligible parties that introduce subscribers to the offering, with any such fees to be paid in accordance with TSXV policies.
Standard Uranium is a uranium exploration company with interests in more than 233,455 acres (94,476 hectares) in the Athabasca Basin in Saskatchewan, Canada.
The Davidson River project comprises 10 mineral claims covering 30,737 hectares. The company describes the project as highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries, while noting it remains broadly under-tested by drilling because of its large size and multiple targets. It cites wide, structurally deformed and strongly altered shear zones as providing confidence in its exploration model.
The company’s eastern Athabasca projects comprise more than 42,384 hectares of prospective land holdings. Standard Uranium says these areas are prospective for unconformity-related and/or basement-hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.
The Sun Dog project consists of nine mineral claims covering 19,603 hectares. The company says it is highly prospective for basement and unconformity-hosted uranium deposits but remains largely untested by sufficient drilling despite proximity to uranium discoveries in the area.
The company states that the announcement is not an offer to sell or a solicitation of an offer to buy securities in the United States or any jurisdiction where such offer or solicitation would be unlawful prior to qualification or registration. It also notes the securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption.
The company further states that the scientific and technical information in the release has been reviewed and approved by Sean Hillacre, P.Geo., President and VP Exploration, who is identified as a “qualified person” under NI 43-101.
Standard Uranium includes a cautionary statement that the release contains forward-looking statements, including statements regarding the intended use of proceeds and the closing of the offering, which are subject to risks and uncertainties.
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