SASKATOON, SK, Feb. 9, 2024
/CNW/ - IsoEnergy Ltd. ("IsoEnergy" or the "Company") (TSXV:
ISO) (OTCQX: ISENF) is pleased to announce that it has closed its
previously announced "bought deal" brokered private placement
announced on January 18, 2024,
pursuant to which the Company sold 3,680,000 federal flow-through
common shares of the Company (the "Premium FT Shares") at an
offer price of C$6.25 per Premium FT
Share, for aggregate gross proceeds of C$23,000,000 (the "Offering"), which
includes the full exercise of the Underwriters' over-allotment
option. The Offering was conducted by a syndicate of underwriters,
co-led by Eight Capital and Haywood Securities Inc., as joint
bookrunners, and including Canaccord Genuity Corp., PI Financial
Corp., Red Cloud Securities Inc. and TD Securities Inc.
(collectively, the "Underwriters").
The proceeds from the issuance of the Premium FT Shares are
expected to be used to incur eligible "Canadian exploration
expenses" ("CEE") as defined in the Income Tax Act
(Canada) (the "ITA") that
will qualify as "flow-through critical mineral mining expenditures"
as defined in the ITA, after the closing date and on or prior to
December 31, 2025 in the aggregate
amount of not less than the total amount of the gross proceeds
raised from the issuance of Premium FT Shares. IsoEnergy will
renounce the CEE (on a pro rata basis) to the applicable subscriber
of Premium FT Shares with an effective date of no later than
December 31, 2024, in accordance with
the ITA. The proceeds from the Offering are expected to be used for
exploration of the Company's Athabasca Basin Portfolio, including the
Larocque East Project and Hawk Project, and for exploration of the
Company's Quebec properties.
The Premium FT Shares issued pursuant to the Offering are
subject to a hold period of four months and one day under
applicable Canadian securities laws.
In connection with the Offering, the Underwriters received a
cash fee in an amount representing 6.0% of the gross proceeds of
the Offering.
None of the securities to be issued pursuant to the Offering
have been or will be registered under the United States Securities
Act of 1933, as amended, and such securities may not be offered or
sold within the United States
absent U.S. registration or an applicable exemption from U.S.
registration requirements. This news release does not constitute an
offer to sell or the solicitation of an offer to buy any
securities.
Corporate Update
IsoEnergy is also pleased to announce that it has engaged
Momentum IR Corp. ("Momentum"), a Toronto-based investor relations and corporate
communications firm. Momentum was previously engaged by
Consolidated Uranium Inc., a wholly-owned subsidiary of the
Company, and will continue to provide IsoEnergy with investor
relations and advisory services. The initial term of the engagement
is for 12 months with a monthly retainer of $12,000 per month. IsoEnergy also issued 37,500
stock options to Momentum on December 29,
2023, each of which entitles Momentum to acquire one common
share of the Company at a price of C$3.55 for a period of five years. To the
knowledge of the Company, Momentum and/or its affiliates currently
hold 1,250 common shares of the Company and 114,750 stock options;
however, Momentum may from time to time acquire or dispose of
securities of the Company through the market, privately or
otherwise, as circumstances or market conditions warrant. Momentum
is at arm's length to IsoEnergy and has no other relationship with
IsoEnergy, except pursuant to the engagement. The agreement and the
grant of the stock options is subject to the approval of the TSX
Venture Exchange.
About IsoEnergy Ltd.
IsoEnergy Ltd. (TSXV: ISO) (OTCQX: ISENF) is a leading, globally
diversified uranium company with substantial current and historical
mineral resources in top uranium mining jurisdictions of
Canada, the U.S., Australia, and Argentina at varying stages of development,
providing near, medium, and long-term leverage to rising uranium
prices. IsoEnergy is currently advancing its Larocque East Project
in Canada's Athabasca Basin, which is home to the
Hurricane deposit, boasting the world's highest grade Indicated
uranium Mineral Resource.
IsoEnergy also holds a portfolio of permitted, past-producing
conventional uranium and vanadium mines in Utah with a toll milling arrangement in place
with Energy Fuels Inc. These mines are currently on stand-by, ready
for rapid restart as market conditions permit, positioning
IsoEnergy as a near-term uranium producer.
Neither the TSXV nor its Regulations Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking
Information
The information contained herein contains "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to the activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including, without limitation, statements with
respect to, the receipt of the expected incurrence by the Company
of eligible Canadian exploration expenses that will qualify as
flow-through critical mineral mining expenditures; the renunciation
by the Company of the Canadian exploration expenses (on a pro rata
basis) to each subscriber of Premium FT Shares by no later than
December 31, 2024; the use of
proceeds from the Offering; and the approval of the TSX Venture
Exchange. Generally, but not always, forward-looking information
and statements can be identified by the use of words such as
"plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including among others, that the results of
planned exploration activities are as anticipated, the price of
uranium, the anticipated cost of planned exploration activities,
that general business and economic conditions will not change in a
material adverse manner, that financing will be available if and
when needed and on reasonable terms, that third party contractors,
equipment and supplies and governmental and other approvals
required to conduct the Company's planned exploration activities
will be available on reasonable terms and in a timely manner.
Although the assumptions made by the Company in providing
forward-looking information or making forward-looking statements
are considered reasonable by management at the time, there can be
no assurance that such assumptions will prove to be
accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves, the limited operating history
of the Company, the influence of a large shareholder, alternative
sources of energy and uranium prices, aboriginal title and
consultation issues, reliance on key management and other
personnel, actual results of exploration activities being different
than anticipated, changes in exploration programs based upon
results, availability of third party contractors, availability of
equipment and supplies, failure of equipment to operate as
anticipated; accidents, effects of weather and other natural
phenomena and other risks associated with the mineral exploration
industry, environmental risks, changes in laws and regulations,
community relations and delays in obtaining governmental or other
approvals and the risk factors with respect to the Company set out
in the Company's filings with the Canadian securities regulators
and available under IsoEnergy's profile on SEDAR+
at www.sedarplus.ca.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company undertakes
no obligation to update or reissue forward-looking information as a
result of new information or events except as required by
applicable securities laws.
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SOURCE IsoEnergy Ltd.