First American Uranium Announces Closing of Oversubscribed $2.86m Flow-Through Financing

Core Viewpoint - First American Uranium Inc. successfully closed an oversubscribed non-brokered private placement of flow-through common shares, raising gross proceeds of approximately $2.86 million, which will be allocated for exploration expenses in Quebec [1][2]. Group 1: Financial Details - The company issued 2,073,262 flow-through common shares at a price of $1.38 per share, resulting in gross proceeds of $2,861,101.56 [1]. - The funds raised will be used for eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" under the Income Tax Act (Canada) [2]. - The company paid finder's fees totaling $194,674.31 in cash and issued 141,068 common share purchase warrants, each exercisable at $1.38 for 24 months [3]. Group 2: Insider Participation - An insider subscribed for 36,000 flow-through shares, which is classified as a "related party transaction" under Multilateral Instrument 61-101 [4]. - The company relied on exemptions from formal valuation and minority shareholder approval requirements due to the transaction's size relative to the company's market capitalization [4]. Group 3: Use of Proceeds - The net proceeds from the offering will be directed towards exploration work programs, mineral property acquisitions, marketing, and general working capital [5]. Group 4: Company Overview - First American Uranium Inc. focuses on the acquisition and development of precious, base, and critical mineral assets, with properties in British Columbia and Quebec [7][8]. - The Quebec properties enhance the company's exposure to critical minerals, including rare earth elements, niobium, and nickel-copper occurrences, which are vital for energy and defense applications [8].