Consolidated Uranium Announces Record Date for the Spin-Out of Premier American Uranium

TORONTO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Consolidated Uranium Inc. (“CUR”, the “Company”, “Consolidated Uranium”) (TSXV: CUR) (OTCQX: CURUF) is pleased to provide an update on the previously announced planned spin-out of Premier American Uranium Inc. (“Premier American Uranium” or “PUR”), through a plan of arrangement under the Business Corporations Act (Ontario) (the “Spin-Out”). As part of the Arrangement, CUR is transferring ownership of certain indirect wholly-owned subsidiaries that hold eight U.S. Department of Energy leases and certain patented claims located in Colorado to PUR in exchange for 7,753,752 common shares of PUR (“PUR Shares”). PUR is currently a majority-controlled subsidiary of CUR focused on the acquisition, exploration, and development of uranium projects in Wyoming and Colorado.

All of the conditions precedent to completion of the Spin-Out have been satisfied, including among others, receipt of the final order of the Ontario Superior Court of Justice (Commercial List) and receipt of conditional approval of the TSX Venture Exchange (the “TSXV”) for listing of the PUR Shares (the “Listing”).

Accordingly, the Company is pleased to announce the anticipated closing date for the Spin-Out is November 27, 2023 (the “Record Date”). CUR shareholders as of 12:01 a.m. on the Record Date will receive their pro rata portion of the 3,876,786 PUR Shares that are being distributed by CUR pursuant to the Arrangement. The precise number of PUR Shares to be distributed to each CUR shareholder will be determined on the Record Date, but is currently anticipated to be approximately 0.0374 of a PUR Share for each CUR share held by such holder as at the Record Date. In accordance with the procedures of CDS Clearing and Depository Services Inc., the payment date is November 29, 2023, and CUR Shareholders can expect to receive their PUR Shares on or about such date. The Listing is subject to the final approval of the TSXV in accordance with its original listing requirements and is expected to be completed shortly after the payment date.

Update on Private Placement by Premier American Uranium

Further to the Company’s press release dated August 24, 2023, the Company is also pleased to announce that PUR completed a second tranche (the “Second Tranche”) of its previously announced fully marketed private placement (the “PUR Offering”), representing a partial exercise of the over-allotment option granted to the Agents (as defined below), for gross proceeds of C$207,049.50 from the sale of 138,033 additional subscription receipts of PUR (each, a “Subscription Receipt”) at a price of C$1.50 per Subscription Receipt (the “Offering Price”). Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents including PI Financial Corp. (together, the “Agents”).