First American Uranium Announces Closing of Oversubscribed $2.86m Flow-Through Financing

Executive Summary

• First American Uranium closed an oversubscribed non‑brokered private placement of 2,073,262 flow‑through common shares at $1.38 per share, raising gross proceeds of $2,861,101.56.
• Proceeds will be used to incur eligible Canadian exploration expenses in Quebec (critical mineral mining expenditures) and for general working capital, property acquisitions, and marketing.
• The company paid finder’s fees of $194,674.31 in cash plus 141,068 common share purchase warrants (exercisable at $1.38 for 24 months) and recorded an insider subscription of 36,000 FT shares under the related‑party transaction exemptions of MI 61‑101.

Key Details

• Offering Size & Pricing: 2,073,262 FT Shares issued at $1.38 per share.
• Gross Proceeds: $2,861,101.56, exceeding the originally proposed amount.
• Use of Proceeds:
• Eligible “Canadian exploration expenses” in Quebec qualifying as flow‑through critical mineral mining expenditures (renounced by Dec 31 2025).
• Additional funding for exploration work programs, mineral property acquisitions, marketing, and general working capital.
• Finder’s Fees:
• Cash payment of $194,674.31.
• Issuance of 141,068 common share purchase warrants (exercise price $1.38, 24‑month term).
• Insider Subscription: Insider purchased 36,000 FT Shares, treated as a related‑party transaction under MI 61‑101; exemptions applied because the company is not listed on a specified market and the fair‑market value does not exceed 25% of market cap.
• Statutory Hold Period: All securities subject to a four‑month plus one day hold period, ending March 18 2026.
• Regulatory Notes: No material change report filed prior to closing; company deemed the timing reasonable to complete the offering expeditiously.

Notable Quotes

“The overwhelming demand for this financing is an exciting validation of the work we’re doing and the potential that our Quebec exploration portfolio continues to show,” said Murray Nye, CEO.
“Our primary objective during this period is to generate substantial value for our shareholders in the coming months through focused and strategic exploration efforts.”