Transactions

Peterson McVicar Acts for Red Cloud in Labrador Uranium Upsize of Bought Deal Private Placement to C$8.0 Million

On April 11, 2022 Labrador Uranium Inc. (“LUR” or “Labrador Uranium”) announced that it had agreed to amend its agreement with Red Cloud Securities Inc., as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters”), to increase the size of LUR’s previously announced bought deal private placement from C$7.0 million to C$8.0 million. Under the revised offering, the Underwriters have agreed to purchase for resale 5,715,000 flowthrough units of LUR to be sold to charitable purchasers (each, a “Charity FT Unit”) at a price of C$1.40 per Charity FT Unit (the “Unit Price”) on a “bought deal” private placement basis for gross proceeds of C$8,001,000 (the “Offering”).

 

LUR has granted the Underwriters an option to purchase for resale up to 1,429,000 additional Charity Ft Units at the Unit Price to raise additional gross proceeds of up to C$2,000,600 (the “Over-Allotment Option”). The Over-Allotment Option will be exercisable in whole or in part, up to 48 hours prior to the closing date of the Offering. 

 

The net proceeds from the sale of the Charity FT Units will be used for the exploration of the LUR’s projects in Labrador, Canada and for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada)) (the “Qualifying Expenditures”), which will be renounced with an effective date no later than December 31, 2022 to the purchasers of the Charity FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the Charity FT Units.

 

Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada.

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