Latitude Uranium Completes C$6,000,000 Bought Deal Private Placement

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TORONTO, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Latitude Uranium Inc. (“Latitude Uranium”, “LUR” or the “Company”) (CSE: LUR, OTCQB: LURAF and FRA: EI1) is pleased to announce that it has closed its previously announced “bought deal” brokered private placement announced on November 8, 2023, pursuant to which LUR sold 27,272,728 flow-through units of the Company (each, a “FT Unit”) at a price of C$0.22 per FT Unit for gross proceeds of C$6,000,000 (the “Offering”), which includes the full exercise of the Underwriters’ over-allotment option. The Offering was conducted by a syndicate of underwriters, co-led by Red Cloud Securities Inc., as sole bookrunner, and Haywood Securities Inc., and including PI Financial Corp. (collectively, the “Underwriters”).

Each FT Unit consists of one common share of LUR (each, a “FT Share”) to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (“ITA”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.30 per Warrant Share at any time on or before November 28, 2025.

The proceeds from the issuance of FT Shares are expected to be used to incur eligible “Canadian exploration expenses” as defined in the ITA that will qualify as “flow-through critical mineral mining expenditures” as defined in the ITA and LUR will renounce the Canadian exploration expenses (on a pro rata basis) to each subscriber of FT Units with an effective date of no later than December 31, 2023 in accordance with the ITA. The proceeds from the Offering are expected to be used for exploration of the Company’s Angilak Project in Nunavut.

The Offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange. The securities issued pursuant to the Offering will be subject to a hold period of four-month and one day from the closing date of the Offering.

In connection with the Offering, the Underwriters received a cash fee in the amount of $360,000 representing 6.0% of the gross proceeds of the Offering, and were issued 1,636,363 non-transferable broker warrants (the “Broker Warrants”), representing 6.0% of the aggregate number of FT Units sold under the Offering. Each Broker Warrant is exercisable to acquire one common share of the Company at a price of C$0.30 per share for a period of 24 months after the closing date of the Offering.