Mr. Drew Zimmerman reports
NOBLE PLAINS ANNOUNCES $1,000,000 NON-BROKERED PRIVATE PLACEMENT
Noble Plains Uranium Corp. has arranged a non-brokered private placement of up to 10 million units at a price of 10 cents per unit for gross proceeds of up to $1-million.
Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional share at a price of 15 cents per share for a period of two years from the date of issuance. The warrants are subject to an accelerated expiry provision such that if, at any time following the date that is 61 days after the closing date of the offering, the closing price of the common shares on the TSX Venture Exchange, or such other market on which the common shares may trade from time to time, is at or above 30 cents for 10 consecutive trading days, the company may accelerate the expiry date of the warrants by issuing a press release announcing the accelerated expiry date. In such event, the warrants will expire on the fifth day following the date of such press release. Holders may exercise their warrants during the period between the date of the press release and the accelerated expiry date.
The company expects to use the proceeds of the offering to carry out exploration work on the company's Duck Creek and Shirley Central uranium projects located in the prolific Powder River basin and past-producing Shirley basin of Wyoming, as well as for general working capital purposes.
The company may pay finders' fees consisting of cash and non-transferable share purchase warrants in accordance with the policies of the TSX Venture Exchange.
The offering is subject to TSX-V approval. All securities to be distributed under the offering will be subject to a statutory hold period of four months and one day from the closing date of the offering in accordance with applicable securities laws.
Certain directors and officers of the company may acquire securities under the offering. Such participation is considered to be a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company anticipates that it will rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the securities to be distributed to insiders, and the consideration to be received by the company for such securities, will not exceed 25 per cent of the company's market capitalization.
About Noble Plains Uranium Corp.
Noble Plains Uranium is a United States-focused uranium exploration and development company advancing a portfolio of high-potential projects amenable to in situ recovery (ISR) -- the most capital-efficient and environmentally responsible method of uranium extraction. The company's strategy targets historically drilled and underexplored assets in proven jurisdictions, with the objective of rapidly delineating National Instrument 43-101-compliant resources and building a scalable inventory of domestic uranium.
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