October 9, 2025
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISTRIBUTION TO US NEWSWIRE SERVICES
FOR IMMEDIATE RELEASE.
Western Uranium & Vanadium Corp. (CSE: WUC,OTC:WSTRF) (“Western” or the “Company”) is pleased to announce that the Company, further to its press release dated October 8, 2025, and as a result of strong investor demand, has increased the size of its previously announced offering from Cdn$5,000,000 to Cdn$5,900,000 with the issuance of 6,555,556 units at a price of $ 0.90 per unit (the “Offer”). Each unit placed in the Offering (each a “Unit”) will consist of one common share and one common share purchase warrant, with each whole warrant exercisable for one common share of the Company at a price of Cdn$1.20 per share, for a period of four and a half years from the date of issuance.
AGP Canada Investments ULC (” AGP Canada “) is acting as sole underwriter and bookrunner for the Company in connection with the Offering.
The Participations to be issued in the context of the Offer will be offered to buyers in accordance with the exemption for financing of listed issuers (” TO LIVE “) under Part 5A of National Instrument 45-106 – Prospectus Exemptions in all provinces of Canada, except Québec, and in certain other jurisdictions pursuant to applicable securities laws. The securities issued pursuant to the LIFE Exemption are not subject to any statutory hold period under applicable Canadian securities laws. The Company has filed an amended and restated offering document (the “ Amended offer document “) in relation to the Offering, and the Amended Offer Document can be accessed under the Company’s profile at www.sedarplus.com and on the company’s website at www.western-uranium.com. Potential investors should read the amended offering document before making any investment decision.
The closing of the Offering is subject to certain conditions and the receipt of all necessary approvals, including compliance with the requirements of the Canadian Securities Exchange (” CSE “).
As described in more detail in the Amended Offering Document, the net proceeds from the Offering will be used as follows: (a) permitting the Mustang Mineral Processing Plant; (b) drilling, monitoring and permitting for the San Rafael uranium project; c) the development and maintenance of mines across the production portfolio; (c) permitting and basic data collection for the Topaz Mine; and (e) general business working capital purposes, including general and administrative expenses.
In addition, the Units will be offered in the United States on a private placement basis, pursuant to available exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the ” US securities law “); and in other jurisdictions outside Canada and the United States, as agreed by AGP Canada and the Company, pursuant to available prospectus and registration exemptions in accordance with applicable law.
The securities described herein have not been and will not be registered under the US Securities Act or any state securities laws, and accordingly may not be offered or sold within the United States or to, or for the account or benefit of, US persons except in accordance with the registration requirements of the US Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security in any jurisdiction.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. develops high-quality uranium and vanadium production. Western is currently licensing and developing the Mustang Mineral Processing Plant for the recovery of mined material, which can incorporate kinetic separation to optimize economics. Western owns a number of resources, including the Sunday Mine Complex, the flagship in the productive Uravan Mineral Belt. The production pipeline includes multiple conventional projects in Colorado and Utah that are currently undergoing permitting and development. The company continues to explore opportunities to acquire and develop additional complementary properties in close proximity to the processing plant.
Cautionary Note Regarding Forward-Looking Information:
Certain information contained in this press release constitutes “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Such statements include statements regarding, or that are dependent on: the Company’s expectations, estimates and projections relating to the Offering, the timing and/or completion (if applicable) of the Offering, the intended use of proceeds from the Offering, approval of the CSE and filing of the Amended Offering Document; exploration and production plans and results; the timing of planned activities; whether the company can raise additional funds necessary to implement its plans; whether legal or similar requirements can be met to authorize planned activities; and more generally to the company’s activities and to the economic and political environment applicable to its activities, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. Please refer to the company’s most recent Management’s Discussion and Analysis, as well as the other documents at www.sedarplus.com for a more detailed overview of those risk factors. Readers are cautioned not to place undue reliance on the Company’s forward-looking statements and that these statements are made as of the date hereof. Although the Company may do so, it undertakes no obligation to update these forward-looking statements at any time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION PLEASE CONTACT US :
George Glass
Chairman and CEO
970-864-2125
gglasier@western-uranium.com
Robert Klein
Head of Finance
908-872-7686
rklein@western-uranium.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this press release.
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