VANCOUVER, British Columbia, May 06, 2024 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. ("Standard Uranium" or the "Company") (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) announces that effective at the opening of markets on or about May 8, 2024, the Company will complete its previously announced consolidation (the "Consolidation") of its outstanding common share capital on the basis of one (1) post-Consolidation common share for every five (5) pre-Consolidation common shares. The post-Consolidation common shares of the Company will continue to trade under the existing ticker symbol "STND" and the new CUSIP: 85422Q848.
The Consolidation is being undertaken to increase flexibility and competitiveness in the market, and to make the Company's securities more attractive to a wider audience of potential investors.
As a result of the Consolidation, the Company's currently outstanding 230,649,292 common shares will be reduced to approximately 46,129,859 common shares. No fractional common shares will be issued as a result of the Consolidation. Instead, any fractional common shares will be rounded down to the nearest whole number of common shares.
A letter of transmittal will be mailed to registered shareholders as of the date of this news release. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates evidencing their pre-Consolidation common shares for new share certificates representing the number of post-Consolidation common shares to which they are entitled.
Beneficial shareholders holding their common shares through a brokerage may be subject to different procedures for obtaining their post-Consolidation common shares. If shareholders have any questions in this regard, they are encouraged to contact their respective brokerage or intermediary.
About Standard Uranium (TSX-V: STND)
We find the fuel to power a clean energy future
Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world's richest uranium district. The Company holds interest in over 209,867 acres (84,930 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.
Standard Uranium has successfully completed four joint venture earn in partnerships on their Sun Dog, Canary, Atlantic and Ascent projects totaling over $31M in work commitments over the next three years from 2024-2027.
Standard Uranium's Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.
Standard Uranium's eight eastern Athabasca projects comprise thirty mineral claims over 32,838 hectares. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.
Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.