Atomic Minerals Announces Private Placement for Up to CDN $1.0 Million
VANCOUVER, BC / ACCESSWIRE / November 6, 2023 / Atomic Minerals Corporation ("ATOMIC MINERALS" or the "Company") (TSX Venture: ATOM) is pleased to announce that the Company will proceed with a Private Placement (the "Offering") of up to 13,333,333 Units ("Units") at $0.075 per Unit for gross proceeds of up to $1,000,000.
Each Unit shall consist of one Common Share and one transferrable Common Share purchase warrant (the "Warrant"). Each Warrant shall entitle the holder to purchase one Common Share at an exercise price of $0.10 per Common Share for a period of three (3) years following the date of closing.
The closing of the Offering is expected to occur one business day following receipt of all required regulatory approvals. The Offering may be closed in one or more tranches. The total number of units issued in connection with the Offering may be changed at the Company's sole discretion.
Clive Massey, CEO of Atomic Minerals Corporation, 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 (the "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.
Subject to the availability of a registration and/or prospectus exemption, a Finder's Fee ("Fee") may be payable in cash, and/or through the issuance of finder's warrants equivalent to up to 8% of the total number of Units sold under the Offering. This Fee can be applied to all or portions of the Offering. Each finder's warrant is exercisable into one Common Share at a price of $0.10 per share, valid for two years from the date of Closing.
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. Our objective at Atomic Minerals 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.
Currently, our property portfolio contains Uranium projects with significant technical merit in two locations known for hosting Uranium production in the past. we have three on the Colorado Plateau, within the continental United States. The plateau 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 H. Massey
President & CEO
For further information, please contact:
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.
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 Corporation 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 Corporation management on the date the statements are made. Except as required by law, Atomic Minerals Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.Back To Archive