Canadian Uranium Corp. has closed its non-brokered private placement, raising gross proceeds of $2,999,750 to fund exploration across its Athabasca Basin portfolio.

The financing comprises two tranches. Canadian Uranium issued 2,000,150 non-flow-through units at $1.00 per unit for gross proceeds of $2,000,150, alongside 833,000 flow-through units at $1.20 per unit for gross proceeds of $999,600.

Net proceeds from the offering are earmarked for exploration at the company's flagship Rook 2 and King South projects, eligible Canadian exploration expenses, and general working capital requirements. Canadian Uranium paid aggregate cash finder's fees of $174,400 in connection with the placement.

Concurrently, the company has entered into an option assignment agreement with Citizen Uranium Corp. and Doctors Investment Group Ltd. to acquire the remaining 20% interest in the Castle South uranium project in Saskatchewan. Under the terms of the agreement, Canadian Uranium will issue 300,000 common shares at a deemed price of $1.19 per share as consideration.

The transaction builds upon an earlier agreement where the company held an 80% interest option in the property, formerly known as Cable Lake. Upon completion of the transaction and receipt of applicable regulatory approvals, Canadian Uranium will consolidate a 100% option interest in Castle South, establishing full control over exploration and future development. Revised option terms with the vendor remain forthcoming.

Reflecting on the developments, CFO Geoff Balderson stated: “We are excited to close this financing and strengthen our position to advance our Rook 2 and King South projects, as well as our expected consolidated option to acquire a 100% interest in the Castle South project, formerly known as Cable Lake. We believe Canadian Uranium is well positioned for an exciting period of exploration and growth.”

Beyond the financing and project consolidation, the company announced the resignation of director Binyomin Posen after five years of service, with a search for a replacement currently underway.

Read the full announcement: Canadian Uranium Announces Closing Of Non-Brokered Private Placement And Provides Corporate Updates