Mr. Lester Esteban reports

TRACTION URANIUM AMENDS LIFE OFFERING; ANNOUNCES ADDITIONAL PRIVATE PLACEMENT OF FLOW-THROUGH UNITS

Traction Uranium Corp. has made amendments to the terms of its non-brokered private placement financing pursuant to the listed issuer financing exemption under Part 5A.2 of National Instrument 45-106 (Prospectus Exemptions) previously announced on Sept. 27, 2023, and has arranged an additional non-brokered private placement of up to 5,714,285 flow-through units of the company for gross proceeds of up to $1-million.

Amended terms of life offering

The life offering is composed of up to 10 million units of the company at an updated price of 15 cents per unit for gross proceeds of up to $1.5-million.

Each unit continues to consist of one common share in the capital of the company and one share purchase warrant, whereby each warrant shall entitle the holder thereof to purchase an additional share at an updated exercise price of 20 cents for a period of 24 months from the date of issuance.

Closing of the life offering is anticipated to occur on or about the week of Nov. 15, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals. The net proceeds of the life offering are intended to be used to advance the company's three flagship uranium projects in the Athabasca region and for other general corporate purposes. Finders' fees may be payable to eligible arm's-length persons with respect to certain subscriptions accepted by the company.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, the units issuable under the life offering will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the life exemption. Therefore, the securities issued in connection with the life offering will not be subject to resale restrictions in accordance with applicable Canadian securities laws.

There is an amended offering document dated Oct. 27, 2023, related to the life offering accessible under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this amended offering document before making an investment decision.

Additional flow-through unit offering

The company is also pleased to announce that it intends to complete an additional non-brokered private placement of up to 5,714,285 flow-through units of the company at a price of 17.5 cents per FT unit for total gross proceeds of up to $1-million.

Each FT unit will consist of one flow-through common share in the capital of the company and one warrant, whereby each warrant shall entitle the holder thereof to purchase an additional share at an exercise price of 20 cents for a period of 24 months from the date of issuance.

Each FT share will qualify as a flow-through share as defined in the Subsection 66(15) of the Income Tax Act (Canada). The company will use an amount equal to the gross proceeds received by the company from the sale of the FT units pursuant to the provisions in the tax act to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as both terms are defined in the Income Tax Act (Canada) related to the company's projects in Saskatchewan on or before Dec. 31, 2024, and to renounce all the qualifying expenditures in favour of the subscribers of the FT units, effective Dec. 31, 2023. If the qualifying expenditures are reduced by the Canada Revenue Agency, the company will indemnify each FT unit subscriber for any additional taxes payable by such subscriber as a result of the company's failure to renounce the qualifying expenditures as agreed.

The FT unit offering is also expected to close on or about Nov. 15, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals.

The FT units to be issued in connection with the FT unit offering are offered by way of private placement in such provinces and/or territories of Canada as may be determined by the company, in each case pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. The securities comprising the FT units will be subject to a hold period expiring four months and one day from the date of the applicable closing of the FT unit offering.

About Traction Uranium Corp.

Traction is in the business of mineral exploration and the development of uranium discovery prospects in Canada, including its three uranium projects in the world-renowned Athabasca region.

We seek Safe Harbor.