- F3 (FUU) has signed an agreement with Red Cloud Securities Inc., for a “bought deal” private placement for gross proceeds of $8,000,000
- Red Cloud Securities Inc. will act as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters
- F3 plans to use the proceeds to fund exploration of the company’s projects in the Athabasca Basin
- F3 Uranium is a uranium project generator and exploration company
- F3 Uranium Corp. (FUU) is down 1.43 per cent, trading at C$0.345 per share at 9:39 am ET
F3 (FUU) has signed an agreement with Red Cloud Securities Inc., for a “bought deal” private placement for gross proceeds of $8,000,000.
Red Cloud Securities Inc. will act as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters. The underwriters have agreed to purchase for resale 17,021,277 flow-through units at $0.47 per FT unit.
Each FT unit consist of one common share to be issued as a “flow-through share” and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.47 for 36 months after the closing date.
Financing Details
The company will grant to the underwriters an Over-Allotment Option for additional gross proceeds of up to C$2,000,000. It allows the underwriters to purchase for resale up to an additional 4,255,319 FT Units at the offering price.
F3 will have the right to include a list of subscribers to purchase up to 531,914 FT Units at the offering price for gross proceeds of up to $250,000 (the “President’s List”). F3 will offer a total of 10,638,298 FT Units under the Underwritten Offering by way of the “listed issuer” exemption. These 10,638,298 FT Units will be immediately freely tradeable to purchasers resident in Canada.
The remaining 6,382,979 FT Units to be sold under the Underwritten Offering as well as the Over-Allotment Units will be offered by way of the “accredited investor” and minimum amount investment” exemptions. These 6,382,979 FT Units as well as the Over-Allotment Units will be subject to a statutory four month hold period.
The company expects the financing to close on May 26, 2023. It will pay the underwriters a cash commission of 6 per cent and issue 6 per cent warrants exercisable for 24 months at $0.35 per common share.
F3 plans to use the proceeds to fund exploration of the company’s projects in the Athabasca Basin.
About F3 Uranium Corp.
F3 Uranium is a uranium project generator and exploration company. It focuses on projects in the Athabasca Basin, home to some of the world’s largest high grade uranium discovery.
The company currently has 16 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow, and Hurricane.
F3 Uranium Corp. (FUU) is down 1.43 per cent, trading at C$0.345 per share at 9:39 am ET.
