Latitude Uranium Inc. announced that it has entered into a private placement on a bought deal basis for issuance of 22,727,273 flow-through units at a price of CAD 0.22 per flow-through unit for gross proceeds of CAD 5,000,000 on November 8, 2023. Each flow-through unit will consist of one flow-through common share and one-half of one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of CAD 0.30 per warrant share at any time on or before the date which is 24 months after the closing date of the Offering.

The company has granted the underwriters an option to purchase for resale up to 4,545,455 additional flow-through units to raise additional gross proceeds of up to CAD 1,000,000. The overallotment option will be exercisable in whole or in part, up to 48 hours prior to the closing date of the offering. The transaction is scheduled to close on or about November 28, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange.

The securities issued pursuant to the offering will be subject to a hold period of four-month and one day from the closing date of the offering. The company will pay the underwriters a cash commission equal to 6% of the gross proceeds of the offering and that number of non-transferable broker warrants as is equal to 6% of the aggregate number of flow-through units sold under the offering. Each broker warrant will be exercisable to acquire one common share at a price of CAD 0.30 per share for a period of 24 months after the closing date of the offering.