F3 Uranium revises pricing of $7.0 million private placement

F3 Uranium Corp. [FUU-TSXV] has revised the pricing of a previously announced private placement that is expected to generate gross proceeds of $7.0 million for uranium exploration in Saskatchewan’s Athabasca Basin.

In a press release on October 9, 2024, the company previously said it planned to raise $5.0 million from a bought deal sale of 12.5 million flow-through units to be sold to charitable purchasers at a price of 40 cents per unit. On October 10, 2024, the company said it was raising the gross proceed s to $7.0 million due to strong investor demand.

Under the revised underwritten offering, the underwriters have agreed to purchase for resale 6.56 million federal flow-through FFT units of the company at 37.5 cents per FFT unit and 10.9 million Saskatchewan SFT flow-through units priced at 41.5 cents per SFT unit. The company said an aggregate of 17.5 million charity flow-through FT units will be sold at a blended price of 40 cents per FT unit.

Each charity FT unit will consist of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share for 40 cents at any time on or before that date which is 24 months after the closing date.

The company said it will grant the underwriters an option to purchase for resale up to an additional 937,500 FFT units at the FFT offering price and up to an additional 1.56 million SFT units at the SFT offering price for additional proceeds of $1.0 million. The option is exercisable for up to 48 hours prior to the closing date of the offering. If the overallotment option is exercised in full, the total gross proceeds of the offering will be $8 million.

The offering is expected to close on October 31, 2024.

F3 Uranium shares eased 1.9% or $0.005 to 26 cents. The shares trade in a 52-week range of 54 cents and 20.5 cents.

The company said it will have the right to include a list of subscribers to purchase 1.25 million FT units under the offering. The President’s List will be allocated under the over-allotment option and, for greater certainty, all purchasers under the over-allotment option will receive Non-LIFE FT units that are subject to certain resale restrictions described in the company’s press release.

F3 Uranium is a uranium exploration company which is working to advance its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) project in the southwest Athabasca Basin.

The New JR Zone discovery is located less than 25 kilometres northwest of Fission Uranium Corp.’s [FCU-TSX; FCUUF-OTCQX; 2FU-FSE] Triple R and NexGen Energy Ltd.’s [NXE-TSX, NYSE] Arrow high grade uranium deposits.

The company aims to find unconformity-related deposits, the most common of the 14 major categories of uranium deposit types.