First American Uranium announces private placement to raise up to $2.4M

First American Uranium Inc. (CSE: URM) (FSE: IOR) (OTCPK: FAUMF) announced a non-brokered private placement offering of up to 8 million common shares priced at $0.30 per share, according to a company statement.

The Vancouver-based mineral exploration company expects to raise up to $2.4 million in gross proceeds from the offering. First American Uranium will pay finders' fees of up to 7% of gross proceeds and issue non-transferable finders' warrants for up to 7% of shares sold. The warrants allow holders to purchase shares at $0.30 each for 24 months from issuance.

The company plans to use net proceeds for exploration work programs, mineral property acquisitions, marketing activities and general working capital purposes.

The offering requires corporate and regulatory approvals, including from the Canadian Securities Exchange. No minimum subscription amount is required. Securities issued will be subject to a four-month-plus-one-day statutory hold period under applicable securities legislation and CSE requirements.

First American Uranium focuses on mineral exploration and property acquisition in North America. The company conducts exploration programs on its Silver Lake property, located around Goosly Lake approximately 30 kilometers southeast of Houston in British Columbia's Omineca Mining Division.

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