North Shore arranges $3-million private placement

Executive Summary

• North Shore Uranium Ltd. announced a non-brokered private placement offering gross proceeds of up to $3 million.
• The company is issuing units 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 project in New Mexico, Saskatchewan uranium properties, offering costs, and general working capital.

Key Details

• Gross Proceeds: Up to $3,000,000.
• Offering Structure: Non-brokered private placement.
• 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.
  • Accelerated Expiry Provision: 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, warrants will expire 30 days after the company provides notice of acceleration or issues a news release announcing the acceleration (at the company's election).
• Use of Proceeds:
  • Exploration of the Rio Puerco uranium project in New Mexico.
  • Continued exploration of the company's Saskatchewan uranium properties.
  • Costs of the offering.
  • 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 Venture Exchange approval.
• Fees: Finders' fees may be payable in the offering.

Notable Quotes

• None provided in the text.