Traction Uranium Announces Non-Brokered Private Placement

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CALGARY, Alberta, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Traction Uranium Corp. (CSE: TRAC) (FRA: Z1K) (the “Company” or “Traction”) announces that it intends to complete a non-brokered private placement financing (the “Private Placement”) of up to 6,818,181 units of the Company (“Units”) at a price of $0.22 per Unit for aggregate gross proceeds of up to $1,500,000.

Each Unit shall consist of one (1) common share in the capital of the Company (“Share”) and one (1) Share purchase warrant (“Warrant”), whereby each Warrant shall entitle the holder thereof to purchase an additional Share at an exercise price of $0.30 for a period of 24 months from the date of issuance.

Closing of the Private Placement is anticipated to occur on or about the week of October 31, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals. The net proceeds of the Private Placement are intended to be used to advance the Company’s three flagship uranium projects in the Athabasca Region and for other general corporate purposes. Finders’ fees may be payable to eligible arm’s length persons with respect to certain subscriptions accepted by the Company.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units issuable under the Private Placement will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A.2 of NI 45-106 (the “LIFE Exemption”). Because the Private Placement is to be completed pursuant to the LIFE Exemption, the securities issued in connection with the Private Placement will not be subject to resale restrictions in accordance with applicable Canadian securities laws.

There is an offering document dated September 27, 2023, related to the Private Placement that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.tractionuranium.com. Prospective investors should read this offering document before making an investment decision.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or available exemptions from such registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.