North Shore increases financing to $3.23-million

Executive Summary

• North Shore Uranium Ltd. has increased the gross proceeds of its non-brokered private placement from $3 million to $3,232,500.
• The offering consists of units priced at $0.25 per unit, with each unit comprising one common share and one-half of one share purchase warrant.
• Net proceeds will be allocated to exploration of the Rio Puerco uranium project in New Mexico, continued exploration of Saskatchewan uranium properties, offering costs, and general working capital.

Key Details

• Offering Size: Gross proceeds increased to up to $3,232,500 (an increase of $232,500 from the previously announced $3 million).
• Price Per Unit: $0.25.
• Unit Composition: Each unit consists of one common share and one-half of one share purchase warrant.
• Warrant Terms:
  • Each warrant entitles the holder to purchase one common share at an exercise price of $0.40.
  • Warrants are exercisable for a period of two years from the closing of the offering.
  • Acceleration Provision: Warrants will expire 30 days after notice/announcement if the volume-weighted average price (VWAP) of common shares on the TSX Venture Exchange equals or exceeds $0.80 for 10 consecutive trading days.
• Use of Proceeds: Exploration of the Rio Puerco uranium project (New Mexico), continued exploration of Saskatchewan uranium properties, offering costs, and general working capital.
• Hold Period: Securities are subject to a four-month-and-one-day hold period under applicable securities laws.
• Conditions: Subject to regulatory approvals, including TSX-V approval.
• Fees: Finders' fees may be payable.

Notable Quotes

• No direct quotes from management were included in the provided text.