Future Fuels closes $1.5-million financing

Executive Summary

• Future Fuels Inc. closed a non‑brokered private placement of 3.75 million units for gross proceeds of $1.5 million.
• Each unit includes one common share and one warrant allowing purchase of an additional share at $0.60 for two years.
• Proceeds will be used for general corporate purposes, including investor relations and advancing exploration/development at the Hornby uranium project in Nunavut.

Key Details

• Units sold: 3.75 million units (each = 1 common share + 1 warrant).
• Gross proceeds: $1.5 million.
• Warrant terms: Exercise price $0.60 per share; exercisable for two years from issuance date.
• Insider participation: Insiders subscribed for 700,000 units (≈18.7% of total units).
• Regulatory exemptions: Company relied on MI 61‑101 exemptions from formal valuation and minority shareholder approval because the transaction value is ≤25 % of market capitalization and securities are not listed on a prescribed exchange.
• Use of proceeds: General corporate purposes, including investor relations activities and further exploration/development of the Hornby uranium project (Nunavut).
• Project background: Hornby basin covers 3,407 km² with >40 underexplored uranium showings; also holds Covette property in Quebec (65 claims over 3,370 ha).

Notable Quotes

(No direct quotes provided in the release.)