Item 3.02. Unregistered Sales of Equity Securities.
On July 27, 2017, Western Uranium Corporation (the "Company") completed the
closing of a non-brokered private placement of 2,525,526 units at a price of
CAD$0.68 per unit for gross proceeds of CAD$1,717,358. On August 7, 2017, the
Company completed a further closing of 1,907,088 units at the same price for
gross proceeds of CAD$1,296,820. As a result of these private placements, the
Company raised a total of CAD$3,014,178.
Each unit sold consists of one common share of the Company plus one-half common
share purchase warrant of the Company. Each whole warrant entitles the holder to
purchase one common share of the Company at a price of CAD$1.15 for a period of
The warrants contain a provision that if the Company's shares trade at or above
CAD$2.50 per share for five consecutive trading days, the Company may, at any
time after the expiry of the applicable statutory hold period, accelerate the
expiration of the warrants upon not less than 30 days' written notice by the
A total of 43 investors participated in these placements. Only accredited
investors (as defined in Rule 501(a) of Regulation D) participated in the
placements. Offers and sales were made in private transactions without any
general solicitation or advertising. The Company relied on Rule 506(b) of
Regulation D for offers and sales of the units to both U.S. and non-U.S.
subscribers. Each subscriber confirmed that they were purchasing for their own
account for investment and not with a view to distribute the securities
Item 9.01. Financial Statements and Exhibits.
On July 30, 2018, the Company issued a press release to announce the closing of
its private placement on July 27, 2017. A copy of the press release is included
as Exhibit 99.1.
On August 9, 2018, the Company issued a press release to announce the closing of
its private placement on August 7, 2018. A copy of the press release is included
as Exhibit 99.2.
Exhibit No. Description
99.1 Press Release dated July 30, 2018
99.2 Press Release dated August 9, 2018
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