Pursuant to a special resolution passed by the shareholders of Consolidated Uranium Inc. on Aug. 3, 2023, and approval by the Ontario Superior Court of Justice (Commercial List) on Aug. 9, 2023, the company and Premier American Uranium Inc. (Spinco) will complete a plan of arrangement under the provisions of the Business Corporations Act (Ontario). The arrangement will be completed on Nov. 27, 2023, and will result in the company transferring certain indirect wholly owned subsidiaries which hold eight U.S. Department of Energy leases and certain patented claims located in Colorado to the Spinco (the disposition) in exchange for 7,753,752 common shares of the Spinco. Pursuant to the arrangement, the company's shareholders will be distributed 3,876,786 of the Spinco shares on a pro rata basis, whereby the company shareholders will receive approximately 0.0374 Spinco share for every one company share held as of the record date (Nov. 27, 2023).

For further information, refer to the company's management information circular dated July 4, 2023, and news releases dated May 24, 2023, July 5, 2023, Aug. 16, 2023, and Nov. 20, 2023, which are available under the company's profile on SEDAR+. The company shall issue a press release upon closing of the arrangement.

It is expected that the Spinco shares will be listed for trading on the exchange on or about Dec. 1, 2023. Further, the exchange will issue a subsequent bulletin in the coming days confirming the listing of the Spinco shares.

Distribution

The company has declared the following distribution, whereby the payable date, record date and ex distribution date will be as set forth herein.

Distribution per share:   approximately 0.0374 Spinco common share for every one company share held

Payable date:  Nov. 29, 2023

Record date:  12:01 a.m. (Toronto time) on Nov. 24, 2023

Ex distribution date:  Nov. 23, 2023

For further information, please refer to the company's news release dated Nov. 20, 2023.