Standard Uranium Ltd. (TSXV: STND) (OTCQB: STTDF) closed the first tranche of a non-brokered private placement, issuing 8,897,000 units at $0.10 per unit for gross proceeds of $889,700, according to a company statement.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to purchase one additional common share at $0.15 for 36 months. The warrants are subject to accelerated expiry if the closing price of the company's common shares on the TSX Venture Exchange reaches or exceeds $0.30 for 10 consecutive trading days, after which holders may be given five days' notice before expiration.

The company paid $34,800 in finder's fees and issued 348,000 non-transferable share purchase warrants to parties who assisted in the offering. Of those, 138,000 finders' warrants carry the same terms as the offering warrants, while 210,000 are exercisable at $0.15 per share for 24 months without accelerated expiry.

A company director subscribed for 1,000,000 units, constituting a related party transaction under Multilateral Instrument 61-101. The company said the transaction qualifies for exemptions from valuation and minority shareholder approval requirements.

All securities issued are subject to a statutory hold period until October 31, 2026. Net proceeds are designated for exploration of the company's Davidson River project in Saskatchewan's Athabasca Basin and for general working capital. Standard Uranium said it intends to complete a further tranche of the offering.