Atomic Minerals Closes Second and Final Tranche of Private Placement for $300,500.00
Vancouver, January 23, 2024 - Atomic Minerals Corp. (TSXV: ATOM) ("ATOMIC MINERALS" or the "Company") Further to the Company's news release on December 6, 2023, the Company has received approval from the TSX Venture Exchange to close the second and final tranche of its Private Placement Offering and has issued 4,006,667 Units at $0.075 per Unit for gross proceeds of $300,500.00 (the "Second Tranche").
Each Unit consists of one Common Share and one transferable Common Share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.10 per Common Share for a period of three (3) years expiring on January 22, 2027.
Pursuant to the applicable statutory hold period, all securities issued pursuant to the Second Tranche may not be transferred or sold until May 23, 2024. Closing of the Second (and final) Tranche of this Private Placement has received the final acceptance of the TSX Venture Exchange. No finder's fees are payable on the Second Tranche.
Pursuant to the First and Second Tranches, the Company has issued an aggregate of 13,332,117 Units for total gross proceeds of CAD $ 999,908.75.
Total Finders' fees paid on the Private Placement was for the First Tranche only; $30,614.40 and 408,192 non-transferable finder's warrants expiring December 6, 2025. The finder's warrants entitle the holders to purchase one Common Share in the capital of the Company at an exercise price of $0.10 per Common Share.
Clive Massey, CEO of Atomic Minerals Corp., commented, "This private placement is not just an investment in the company but an investment in the future of sustainable energy, and enables advancing its world-class exploration projects on the Colorado Plateau and the Athabasca Basin. With the price of uranium now surpassing $73.00, it's evident that there's an ever-increasing global demand for clean and sustainable energy sources. This upward trend is more than just numbers; it's indicative of a paradigm shift in our global energy landscape. Our exploration projects stand at the forefront of this movement, poised to meet the growing demand and contribute to a cleaner, more sustainable world."
The funds raised from the Offering will provide the necessary capital to enable the Company to focus on permitting its Dolores Anticline Property ("Dolores") for drilling. Dolores lies on the northern end of the Dolores Anticline, in San Miguel County, Colorado, at the southern end of the Uravan Mineral Belt ("Uravan"). Historic oil and gas, and uranium drilling on the nose and the flank of the Dolores anticline returned anomalous gamma ray spikes in the basal section of the Triassic Age Chinle Formation, indicating the potential presence of uranium mineralization. The past producing Bull Snake Mine further confirms the uranium potential of the Dolores anticline. The favorable sandstone unit within the Chinle, the Moss Back Member, clearly outcrops in the canyon of the Dolores River.
The Company will simultaneously commence the permitting process at the 10 Mile Property, where historic oil and gas drilling has also returned anomalous gamma ray spikes in the basal section of the Triassic Age Chinle Formation, again indicating the potential presence of uranium mineralization. Our Harts Point Project is currently joint ventured with Kraken Energy Corp. The uranium mineralization at all three of our U.S. properties was discovered through the study of drilling data previously generated by the oil and gas industry while exploring for future reserves. The Company has a further oil and gas database of over 13,000 drill holes. This financing will further contribute to the analysis of these holes for the presence of uranium mineralization as well as general working Capital.
The Private Placement is subject to the final acceptance of the TSX Venture Exchange.
Qualified Person
Mr. R. Tim Henneberry, P.Geo. (BC), an advisor to the Company, is the "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
About the Company
Atomic Minerals Corp. is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven track record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.
Atomic Minerals' property portfolio contains uranium projects in two locations within the continental United States, both of which have significant technical merit and are known for hosting uranium production in the past. Three of the properties are located on the Colorado Plateau, an area which has previously produced 597 million pounds of U3O8; The other three are in the prolific Athabasca region in Saskatchewan, Canada. For additional information, please visit the Company's website at www.atomicminerals.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
Dave Langlais
(778) 316-5105
Neither TSX Venture Exchange nor their Regulation 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.
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Atomic Minerals Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Atomic Minerals Corp. management on the date the statements are made. Except as required by law, Atomic Minerals Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195252