VANCOUVER,
BC, Nov. 5, 2024 /CNW/ - Nuclear Fuels
Inc. (CSE:NF | OTCQX:NFUNF) ("Nuclear Fuels" or the "Company")
is pleased to announce a non-brokered private placement of
9,837,500 units (the "Units") for gross proceeds of $3,935,000 (the "Offering"). Each Unit will
consist of one common share (a "Share') of the Company and one-half
of one common share purchase warrant (a "Warrant"). Each whole
Warrant will entitle the holder to acquire one common share (a
"Warrant Share") for a period of 36 months from the closing of the
Offering at a price of $0.55 per
Warrant Share. The private placement is an add-on to the recently
announced bought deal financing (NF News Release October 30, 2024).
enCore Energy Corp. (NASDAQ: EU)
(TSXV: EU), Nuclear Fuels' largest shareholder, will purchase
5,200,000 Units for gross proceed of $2,080,000. Upon closing, enCore Energy
Corp., will hold and control 16,690,543 Shares representing 17.1%
of the outstanding shares and 3,458,103 Warrants representing
19.88% of the outstanding shares on a partially diluted basis, an
increase from 19.33% currently.
PowerOne Capital Markets Limited acted as a
finder in connection with a portion of the Offering.
The net proceeds received from the Offering will
be used to advance the Company's uranium projects in the United States, as well as for working
capital and general corporate purposes.
It is anticipated that closing of the Offering
will occur on or about November 20,
2024 or such other date or dates as the Company and PowerOne
may agree. The Offering is subject to the satisfaction of certain
conditions, including receipt of all applicable regulatory
approvals including the approval of the Canadian Securities
Exchange. The securities to be issued under the Offering will have
a hold period of four months and one day from the applicable
closing date in accordance with applicable securities laws.
This news release does not constitute an offer to
sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and may not
be offered or sold within the United
States or to, or for account or benefit of, U.S. Persons (as
defined in Regulation S under the 1933 Act) unless registered under
the 1933 Act and applicable state securities laws, or an exemption
from such registration requirements is available.
About Nuclear Fuels Inc.
Nuclear Fuels Inc. is a uranium exploration
company advancing early-stage, district-scale In-Situ Recovery
("ISR") amenable uranium projects towards production in the
United States of America.
Leveraging extensive proprietary historical databases and deep
industry expertise, Nuclear Fuels is well-positioned in a sector
poised for significant and sustained growth on the back of strong
government support. Nuclear Fuels has consolidated the Kaycee
Wyoming district under single-company control for the first
time since the early 1980s. Currently executing its second drill
program at the Kaycee Project, the Company aims to expand on
historic resources across a 35-mile trend with over 430 miles of
mapped roll-fronts. The Company's strategic relationship with
enCore Energy Corp., America's Clean Energy Company™, offers a
mutually beneficial "pathway to production," with enCore retaining
the right to back- in to 51% ownership in the flagship Kaycee
Project in Wyoming's prolific
Powder River Basin.
Forward-Looking Information
The Canadian Securities Exchange has not
reviewed this press release and does not accept responsibility for
the adequacy or accuracy of this news release.
Certain information in this news release
constitutes forward-looking statements under applicable securities
laws. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "potential", "believe", "intend" or the negative of these
terms and similar expressions. Forward-looking statements in this
news release include, but are not limited to, statements relating
to planned exploration programs and the results of additional
exploration work in seeking to establish mineral resources as
defined in NI 43-101 on any of our properties. Forward-looking
statements necessarily involve known and unknown risks, including,
without limitation, risks associated with the completing planned
exploration programs and the results of those programs; the ability
to access additional capital to fund planned and future operations;
regulatory risks including exploration permitting; risks associated
with title to our mineral projects; the ability of the company to
implement its business strategies; and other risks including risks
contained in documents available for review
at www.sedar.com under the Company's profile. Readers are
cautioned not to place undue reliance on forward-looking statements
as there can be no assurance that the plans, intentions or
expectations upon which they are placed will occur. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
SOURCE Nuclear Fuels Inc.
