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Traction Uranium Announces Brokered Private Placement of up to C$3 Million, The Canadian Business Journal

Not intended for distribution to US Newswire services or for distribution within the US

VANCOUVER, British Columbia, October 5, 2022 (GLOBE NEWSWIRE) — Traction Uranium Corp.Company” Also “traction”) (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K), Red Cloud Securities Inc. (“Agent”) Best Effort, Private Placement (“Recruitment”) any combination of our flow-through units (respectively, “FT unit”) At a price of $0.40 CAD per FT Unit, the FT Units will be sold to charitable purchasers (respectively, “Charity FT Unit”, and collectively with the FT unit, “Offered securities”) at a price of $0.51 CAD per Charity FT Unit.

Each FT Unit and Charity FT Unit consists of one (1) share of our common stock issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each referred to as a “FT Share”) and one half of one common stock purchase warrant (each entire warrant, “warrant”). Each stock acquisition right gives the holder the right to purchase one share of our common stock.Warrant share”) at a price of $0.50 CAD at any time on or before 24 months after the closing date of the offering.

Agents may exercise, in whole or in part, the option to sell up to an additional C$500,000 in any combination of securities offered at the Offering Price up to 48 hours prior to the closing of the Offering.

Proceeds from the sale of FT shares are “Canadian Exploration Expenditures” as defined in Subsection 66.1(6) of the Income Tax Act and “Flows from Mining Expenditures” as defined in Subsection 127(9) of the Income Tax Act. is used to generate Such proceeds will be forfeited to participants in an aggregate amount no less than the aggregate amount of gross proceeds raised from the issuance of FT shares with an effective date no later than December 31, 2022.

The Company intends to use proceeds from the offering for exploration of its Harty Bay, Lazy Edward Bay and Key Lake South Uranium projects in the Athabasca Basin. The offering is expected to close on or about October 27, 2022 and is subject to certain conditions, including, without limitation, receipt of all necessary approvals, including approvals from the Canadian Stock Exchange. The holding period for FT and Warrant shares will end four months and one day after the closing date of the offering.

The securities described herein are not and will not be registered under the U.S. or state securities laws and may not be offered or sold in the United States except in compliance with the requirements for registration of U.S. securities. I can not do it. Subject to laws and applicable state securities requirements, or exemptions thereof. This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction.

Visit www.tractionuranium.com to learn more about exploration-phase activity in Western Canada.

About Traction Uranium Corp.

Traction Uranium (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) develops mineral exploration and discovery prospects in Canada, including the uranium project in the Athabasca Basin.

Visit www.tractionuranium.com to learn more about exploration-phase activity in Western Canada.

On behalf of the Board of Directors

Lester Esteban
Chief executive officer
+1 (604) 561 2687
[email protected]

Forward-Looking Information Disclaimer

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts include, but are not limited to, statements regarding future estimates, plans, programs, projections, projections, objectives, assumptions, expectations or beliefs of future performance. – a look statement.” These forward-looking statements reflect the expectations or beliefs of our management based on currently available information. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed in our filings with securities regulators from time to time. This could cause actual results to differ materially from those set forth in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this release and the Company may not make any forward-looking statements or statements as a result of new information, future events or otherwise. We undertake no obligation to publicly update or revise the information. except as required by applicable securities laws.


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Traction Uranium Announces Brokered Private Placement of up to C$3 Million, The Canadian Business Journal

Source link Traction Uranium Announces Brokered Private Placement of up to C$3 Million, The Canadian Business Journal

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