Canadian Uranium has upsized its non-brokered private placement to aggregate gross proceeds of $3 million. The offering is conditional upon necessary approvals, including conditional listing approval from the Canadian Securities Exchange.

The financing comprises two tranches:

• $2 million in units priced at $1.00, each consisting of one common share and one-half of a warrant.
• $1 million in flow-through units priced at $1.20, each consisting of one flow-through common share and one-half of a warrant.

Each whole warrant entitles the holder to purchase one common share at $1.50 for 24 months. The company intends to renounce qualifying exploration expenditures to investors by December 31, 2026, with the funds committed to be spent by the end of 2027.

Canadian Uranium holds over 40,000 hectares of prospective ground across the Athabasca Basin. The company strategy involves integrating advanced geophysics and northern logistics to advance its project portfolio. Proceeds are earmarked for exploration at the Rook 2 and King South projects.

At Rook 2, the company plans to conduct Phase 1 prospecting and ground geophysics to calibrate historic drill targets, followed by an inaugural diamond drilling campaign of at least 3,000 metres. At King South, activity will include a heliborne Mobile MT survey to map subsurface anomalies, as well as prospecting and induced polarization ground geophysics for drill target definition over the coming months.

Read the full announcement: Canadian Uranium Announces Non-Brokered Private Placement Update