International Consolidated Uranium Closes C$6 Million “Bought Deal” Private Placement of Units

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VANCOUVER, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) -- International Consolidated Uranium Inc. (“CUR” or the “Company”) (TSXV: CUR) is pleased to announce that it has closed its previously announced “bought deal” private placement (the “Offering”) with Haywood Securities Inc. and Red Cloud Securities Inc. (the “Underwriters”) as co-lead underwriters. The Offering consisted of an aggregate of 5,025,000 units of the Company (the “Units”), including the full exercise of the Underwriters’ option, at a price of C$1.20 per Unit (the “Issue Price”) for aggregate gross proceeds of C$6,030,000.

Philip Williams, President and CEO commented “We are pleased to have closed another successful, oversubscribed offering. This financing not only strengthens the Company’s balance sheet but also expands our institutional shareholder base. Over the past few months, the uranium sector has enjoyed a resurgence of investor awareness and interest. As a relatively new entrant, with a unique approach, we believe we are well positioned benefit from this increased attention as we work to execute on our plan of acquiring and developing uranium projects around the world.”

Each Unit consists of one common share (a “Common Share”) in the capital of the Company and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”) of the Company. Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$1.80 until March 4, 2024.

The net proceeds from the Offering are expected to be used for exploration and development of the Company’s uranium properties, for potential acquisitions, and for working capital and general corporate purposes.

In connection with the Offering, the Underwriters received a cash commission equal to 7.0% of the gross proceeds of the Offering and such number of non-transferable compensation options (the “Compensation Options”) equal to 7.0% of the aggregate number of Units sold under the Offering. Each Compensation Option is exercisable to acquire one Common Share at the Issue Price until March 4, 2023. All securities issued under the Offering are subject to a statutory hold period under Canadian securities legislation expiring on July 5, 2021.