Standard Uranium Announces C$3,000,000 Public Offering

The net proceeds raised from the sale of Units will be for the exploration and development of the Company’s Davidson River Project

Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (Frankfurt: FWB:9SU) announced that it has entered into a letter agreement (the “Agreement”) with Red Cloud Securities Inc. (“Red Cloud”) as lead agent on behalf of a syndicate of agents (collectively, the “Agents”) and has filed and obtained a receipt for a preliminary short form prospectus (the “Preliminary Prospectus”) with the securities regulators in each of the Provinces of Canada other than the Province of Québec, pursuant to which the Company proposes to complete a public offering of up to 7,500,000 units of the Company (the “Units”) at a price of C$0.20 per Unit and up to 6,818,181 flow-through units of the Company (the “FT Units”, and collectively with the Units, the “Offered Securities”) at a price of C$0.22 per FT Unit for gross proceeds of up to C$3,000,000 (the “Marketed Offering”). Closing of the Marketed Offering is expected to occur on or around October 29, 2020 (the “Closing Date”).

Each Unit shall be comprised of one common share (each a “Share”) in the capital of the Company and one-half-of-one Share purchase warrant (each a “Warrant”). Each FT Unit shall be comprised of one Share issued on a flow-through basis (each a “FT Share”) and one-half-of-one Warrant. Each whole Warrant shall be exercisable into one Share at a price of C$0.30 for a period of thirty-six (36) months from the Closing Date, subject to an accelerated expiry (the “Acceleration”) in the event the Shares close at or above C$0.60 on the TSX Venture Exchange (the “Exchange”) for ten (10) consecutive trading days.

Pursuant to the Agreement, the Company will grant to the Agents an option to cover over-allotments and for market stabilization purposes (the “Over-Allotment Option”, and collectively with the Marketed Offering, the “Offering”) to sell up to an additional C$450,000 of Offered Securities on the same terms and conditions as set out herein, exercisable in whole or in part, at any time and from time to time, for a period of thirty (30) days from and including the Closing Date.

Eventus Capital Corp. is acting as special advisor to the Company in connection with the Marketed Offering.

The net proceeds raised from the sale of Units will be for the exploration and development of the Company’s Davidson River Project and for working capital purposes. Proceeds from the sale of FT Shares underlying the FT Units will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (“Qualifying Expenditures”). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2020, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Exchange and applicable securities regulatory authorities.

About Standard Uranium (TSX-V: STND)

We find the fuel to power a clean energy future

Standard Uranium is a mineral resource exploration company based in Vancouver, British Columbia. Since its establishment, Standard Uranium has focused on the identification and development of prospective exploration stage uranium projects in the Athabasca Basin in Saskatchewan, Canada. Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, is comprised of 21 mineral claims over 25,886 hectares. The Davidson River Project is highly prospective for basement hosted uranium deposits yet remains untested by drilling despite its location along trend from recent high-grade uranium discoveries. A copy of the 43-101 Technical Report that summarizes the exploration on the Project is available for review under Standard Uranium’s SEDAR issuer profile (www.sedar.com).

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