Western Uranium & Vanadium arranges financing to ramp-up uranium and vanadium production at Sunday Mine Complex, Colorado

Western Uranium & Vanadium Corp. [CSE: WUC; OTCQX: WSTRF] reported that it is engaging A.G.P. Canada Investments ULC to act as sole agent and bookrunner for the company on a “best efforts” agency basis in connection with a brokered private placement financing of up to 4,166,666 units at CAD $1.32 per Unit for aggregate gross proceeds of up to CAD $5,500,000, subject to a 15% discretionary overallotment increase. Each Unit to be placed in the Offering will be comprised of one common share and one common share purchase warrant, with each warrant being exercisable for one common share of the company at a price of CAD $1.78 per share for a period of four years from the date of issuance.

The units are being offered on a private placement basis to purchasers in Canada .

Closing of the Offering is subject to certain conditions and receipt of all necessary approvals. A commission will be paid to A.G.P. Canada on proceeds raised from the Offering through their efforts.

The company intends to use the net proceeds of the Offering for the expansion of the production capability and mining at the Sunday Mine Complex, Colorado, licensing and development of minerals processing facilities, baseline data collection and permitting of the San Rafael Project, acquisition of uranium/vanadium properties in close proximity to Western’s production centers, purchase of additional mining equipment and for general working capital purposes.

In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plant will be licensed to include the kinetic separation process.