US-focused Western Uranium and Vanadium has received about C$4.5-million in proceeds from the exercise of common share purchase warrants and plans to use most of the proceeds to accelerate the ramp-up of its uranium mining and milling projects.
Between December 1, 2023, and February 16, 2024, about 3.86-million warrants were exercised. Thereafter, the company has a total of 53.37-million common shares outstanding.
The majority of warrants were originally issued in a private placement, which closed on February 16, in which Western distributed a total of 3.25-million investor warrants exercisable for three years at C$1.20 a share.
An exercise participation rate above 99% was attained prior to the expiration of the placement warrants.
Western is ramping up high-grade uranium and vanadium production at its Sunday mine complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah.