Mining Discovery

Strathmore Announces Closing of Private Placement Financing for over C$1.350 Million


Strathmore Plus Uranium(TSX-V: SUU) (OTC: SUUFF)  is pleased to report that it has closed its non-brokered private placement financing raising $1,356,986 through the issuance of 4,112,078 units at $0.33 per unit, subject to final TSX approval. Each Unit consists of one common share and one of one share purchase warrant. Each whole share purchase warrant is exercisable into one common share at a price of $0.40 per share for a period of 2 years following the closing of the offering.

The Company has paid a 7% cash commission to certain qualified Finders for a total finder’s fees of $13,657. The Company intends to use the net proceeds of the Offering for the exploration programs as well as general corporate purposes.

Certain insiders of the Company acquired a total of 1,204,858 Units in the Offering. This participation by insiders in the Private Placement constitute a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. However, the Company considers such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Shares subscribed for by the insiders, nor the consideration for the Shares paid by such insiders, would exceed 25% of the Company’s market capitalization.

The securities issued under the Offering, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities. The Company confirms there is no material information pending disclosure. The Financing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The Offering has received the conditional approval of the TSX Venture Exchange and remains subject to final approval of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.


About Strathmore Plus Uranium Corp.

Strathmore Plus is a uranium exploration company, focused on in-situ recoverable uranium deposits in the State of Wyoming.

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