SASKATOON, SK, June 29,
2023 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or
the "Company") (TSXV: ISO) (OTCQX: ISENF) has agreed to
settle a portion of the interest payments due to Queen's Road
Capital Investment Ltd. ("QRC") (TSXV: QRC) as at June 30, 2023 in Common Shares.
Pursuant to the unsecured convertible debenture dated
August 18, 2020 between QRC and the
Company (the "2020 QRC Debenture"), as at June 30, 2023, the Company will owe QRC interest
in the amount of US$255,000 of which
US$74,999.52 will be settled with the
issuance of 34,722 common shares of the Company ("Shares"), at a
deemed price of US$2.16. Pursuant to
the unsecured convertible debenture dated December 6, 2022 between QRC and the Company (the
"2022 QRC Debenture"), as at June 30,
2023, the Company will owe QRC interest in the amount of
US$200,000 of which US$49,999.68 will be settled with the issuance of
23,148 common shares of the Company ("Shares"), at a deemed price
of US$2.16.
Under the terms of both the 2020 QRC Debenture and the 2022 QRC
Debenture, the portion of the interest payable to QRC equal to 2.5%
per annum is payable in Shares at a price per Share equal to the
volume-weighted average trading price per Share on the TSX Venture
Exchange ("TSXV") for the twenty consecutive trading days ending 3
trading days prior to the date such interest is due. The portion of
the interest payable to QRC on the 2020 QRC Debenture and the 2022
QRC Debenture equal to 6.0% and 7.5% per annum, respectively, is
payable in cash. The issuance of the Shares to QRC is subject
to TSXV acceptance.
About IsoEnergy
IsoEnergy is a well-funded uranium exploration and development
company with a portfolio of prospective projects in the
infrastructure-rich eastern Athabasca Basin in Saskatchewan, Canada. In 2018, the Company
discovered the high-grade Hurricane Deposit on its 100% owned
Larocque East property in the Eastern
Athabasca Basin. The Hurricane Deposit has Indicated Mineral
Resources of 48.61 Million lb U3O8 based
on 63,800 tonnes grading 34.5% U3O8 and
Inferred Mineral Resources of 2.66 Million lb
U3O8 based on 54,300 tonnes grading 2.2%
U3O8 (July 8,
2022). The Hurricane Deposit is 100% owned by IsoEnergy and
is unencumbered from any royalties. IsoEnergy is led by a Board and
Management team with a track record of success in uranium
exploration, development, and operations. The Company was founded
and is supported by the team at its major shareholder, NexGen
Energy Ltd.
Neither the TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE IsoEnergy Ltd.