Tuesday, December 17, 2024 11:30 AM PSTSecurities to be issued pursuant to the FT Offering shall consist of an amount of up to 1,875,000 units of the Company (the'') issued at a price of $0.
08 per FT Unit, each FT Unit being comprised of one common share in the capital of the Company (each a'') that will qualify as'flow-through shares' (within the meaning of subsection 66(15) of the Income Tax Act (Canada)), and one-half Warrant, each Warrant entitling its holder thereof to acquire one Share at a price of $0.12 per Share for a period of 5 years from the closing date of the FT Offering. In connection with the FT Offering, the Company may pay cash finder's fees and issue broker warrants. The securities issued in connection with the FT Offering are subject to the applicable statutory four-month and one day hold period. Net proceeds from the FT Offering will be used by the Company to incur eligible'Canadian exploration expenses' that will qualify as'flow-through mining expenditures', as defined in subsection 127(9) of the'), related to the Company's Tetepisca Graphite Property, located in the Tetepisca Graphite District of the North Shore Region of Quebec, on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers to the FT Offering effective December 31, 2024. In addition, with respect to Quebec resident subscribers of FT Shares and who are eligible individuals under thet (Quebec), the Canadian exploration expenses will also qualify for inclusion in the'exploration base relating to certain Quebec exploration expenses' within the meaning of section 726.4.10 of the(Quebec) and for inclusion in the'exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses' within the meaning of section 726.4.17.2 of the'), the FT Shares and FT Units will be offered by way of private placement pursuant to applicable exemptions from NI 45-106
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Company Secures Option to Explore Jersey Valley Property in Favorable SettingUranerz Exploration and Mining Limited has obtained an option to explore the Jersey Valley Property, a site with promising geological indicators for precious metals. The property, located in a favorable structural and lithostratigraphic setting, includes calcareous siltstones and sandstones of the Havallah Formation. Previous exploration efforts have shown limited work, but recent sampling suggests potential for significant mineralization.
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