Transaction Details
Pursuant to the Arrangement, ValOre transferred its interest in the Angilak Property to a wholly-owned subsidiary (“
Prior to the Arrangement taking effect, each Subscription Receipt was converted into one unit, comprised of one non-flow-through common share of the Company (each, a “Share”) and one-half of one non-flow-through common share purchase warrant of the Company (each whole warrant, a “Warrant”), and each FT Subscription Receipt was converted into one unit, comprised of one common share of the Company that qualifies as a “flow-through share” (the “FT Shares”) as defined in subsection 66(15) of the Income Tax Act (“Tax Act”) and one-half of one Warrant. Each Warrant is exercisable to acquire one Share (each, a “Warrant Share”) at a price of
The Company anticipates using the net proceeds from the Concurrent Private Placement to complete the 2023 exploration program of the Angilak Property and for working capital and general corporate purposes. The net proceeds from the sale of the FT Subscription Receipts allocated to the FT Shares are expected to be used to incur eligible “Canadian exploration expenses” as defined in the Tax Act that will qualify as “flow-through critical mineral mining expenditures” as defined in the Tax Act and the Company will renounce such Canadian exploration expenses (on a pro rata basis) to each subscriber for FT Subscription Receipts with an effective date of no later than
The Consideration Shares, Shares, FT Shares, Warrants, Warrant Shares, Compensation Options and the common shares of the Company underlying the Compensation Options are subject to a hold period expiring on
New Directors and Name Change
As a result of the completion of the Arrangement, Mr.
In addition, in connection with the completion of the Arrangement, the Company intends to change its name to “Latitude Uranium Inc.” (the “Name Change”). The Name Change was approved by the Company’s shareholders at the Meeting.
Option Grant
The Company has granted an aggregate of 7,900,000 stock options to certain directors and officers of the Company pursuant to LUR’s long-term omnibus incentive plan. Each option is exercisable to acquire one common share of LUR at an exercise price of
Advisors and Counsel
In connection with closing of the Arrangement, LUR has paid Red Cloud an advisory fee of
None of the securities issued pursuant to the Arrangement, the Concurrent Private Placement or the Option Grant have been or will be registered under the United States Securities Act of 1933, as amended (the “
About
For Further Information, Please Contact:
Chief Executive Officer
jjentz@labradoruranium.com
Investor Relations
Toll-Free: 1-833-572-2333
Email: info@labradoruranium.com
Website: www.labradoruranium.com
Twitter: @LabradorUr
LinkedIn: https://www.linkedin.com/company/labrador-uranium-inc/
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains "forward-looking information" and “forward looking statements” within the meaning of applicable Canadian securities laws. Forward-looking information and statements include, but are not limited to, statements with respect to the use of proceeds from the Concurrent Private Placement, the Name Change, upcoming exploration activities and the expected timing for the release of results. Generally, but not always, forward looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or statement that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about the Company’s business and the industry and markets in which it operates. Such forward information and statements are based on numerous assumptions, including among others, assumptions that general business and economic conditions will not change in a material adverse manner, that locations of historical mineral resource estimate could lead to new mineralization discoveries and potentially be verified as current mineral resource estimates, that financing will be available if and when needed and on reasonable terms to conduct further exploration and operational activities, the accuracy of previous exploration records and results, that the results of planned exploration activities are as anticipated, the cost of planned exploration activities, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of the Company to differ materially from any projections of results, performances and achievements of the Company expressed or implied by such forward-looking information or statements, including, among others: limited operating history, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, delays or failure to obtain required permits and regulatory approvals, no known mineral resources/reserves, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; changes in laws and regulation, competition, and uninsurable risks, community relations, delays in obtaining governmental or other approvals and the risk factors with respect to the Company set out in the Company’s annual information form in respect of the year ended
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
Source:
2023 GlobeNewswire, Inc., source