F3 Uranium closes C$20 million private placement financing

F3 Uranium Corp. (TSXV: FUU) completed a private placement financing that raised C$20 million in gross proceeds, including the full exercise of underwriters' over-allotment option, according to a company statement.

The Vancouver-based uranium exploration company sold 25 million units at C$0.20 each, along with various flow-through units at prices ranging from C$0.27 to C$0.33 per unit. Each unit includes one common share and half of one warrant, with warrants exercisable at C$0.30 until October 3, 2028.

Red Cloud Securities Inc. served as lead underwriter alongside Canaccord Genuity Corp., Haywood Securities Inc. and SCP Resource Finance LP. The company paid aggregate commissions of C$1.1 million, representing 5.5% of gross proceeds, with reduced rates for certain purchasers.

F3 Uranium plans to use the proceeds for exploration activities at its projects in Saskatchewan's Athabasca Basin and for general corporate purposes. The company will allocate gross proceeds from flow-through share sales to qualifying Canadian exploration expenses by December 31, 2026, with tax benefits renounced to subscribers effective December 31, 2025.

The offering utilized Canada's listed issuer financing exemption, making securities issued to Canadian purchasers immediately tradeable. Securities sold to other jurisdictions remain subject to a hold period ending February 3, 2026.

F3 Uranium operates three properties in the Athabasca Basin, focusing on uranium exploration at its Patterson Lake North project. The transaction requires final approval from the TSX Venture Exchange.

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