Western Uranium & Vanadium Closes Brokered LIFE Financing of $5.9 Million

Executive Summary

• Western Uranium & Vanadium Corp. closed a bought‑deal private placement, issuing 6,555,556 units at C$0.90 per unit for gross proceeds of approximately C$5.9 million.
• Each unit consists of one common share and one warrant exercisable at C$1.20 per share for four‑and‑a‑half years.
• Net proceeds are earmarked for permitting the Mustang Mineral Processing Plant, drilling and monitoring the San Rafael Uranium Project, mine development across the portfolio, permitting and baseline data collection for the Topaz Mine, and general corporate working capital.

Key Details

• Units Issued: 6,555,556 units @ C$0.90 each → Gross proceeds ≈ C$5,900,000.
• Unit Composition: 1 common share + 1 common‑share purchase warrant per unit.
• Warrant Terms: Exercise price C$1.20 per share; term of 4½ years from issuance.
• Use of Proceeds:
• Permit Mustang Mineral Processing Plant.
• Drilling, monitoring & permitting for San Rafael Uranium Project.
• Mine development & maintenance across production portfolio.
• Permitting & baseline data collection for Topaz Mine.
• General corporate working capital (including G&A costs).
• Exemption Used: Listed Issuer Financing Exemption (“LIFE”) under NI 45‑106; securities not subject to statutory hold period in Canada (except Québec) and not registered in the U.S.
• Underwriting Agreement: Sole underwriter/bookrunner – A.G.P. Canada Investments ULC.
• Underwriter fee: 7% cash commission on aggregate proceeds + 229,444 broker warrants (subject to a four‑month‑plus‑one‑day hold period).
• A.G.P./Alliance Global Partners acted as U.S. placement agent.
• Regulatory Notices: Securities not registered under the U.S. Securities Act; no units issued to U.S. persons.

Notable Quotes

(No direct quotes were provided in the release.)