First American Uranium closes first tranche of private placement

First American Uranium Inc. (CSE: URM) (FSE: IOR) (OTCPK: FAUMF) announced it closed the first tranche of its non-brokered private placement, issuing 1,639,000 common shares at $0.30 per share for gross proceeds of $491,700.10.

The company paid finder's fees of $23,079.00 in cash and issued 25,830 common share purchase warrants in connection with the first tranche. Each finder's warrant allows the holder to purchase one share at $0.30 for 24 months from the issuance date.

All securities issued are subject to a statutory hold period of four months plus one day, ending December 30, 2025, according to Canadian Securities Exchange policies and applicable securities legislation.

First American Uranium expects to close a second tranche of the offering in the coming weeks. The company plans to use net proceeds for exploration work programs, mineral property acquisitions, marketing and general working capital purposes.

The Vancouver-based company is engaged in mineral exploration and acquisition of mineral property assets in North America. Its primary focus is the Silver Lake property located around Goosly Lake, approximately 30 kilometers southeast of Houston, British Columbia, in the Omineca Mining Division.

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