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Strategic Zambian Group Leads GoviEx's Amended and Expanded Private Placement

In This Article:

  • Financing increased to $8.0 million with majority funds committed by strategic group

  • Amended offering consists exclusively of Hold Units

Vancouver, British Columbia--(Newsfile Corp. - April 30, 2025) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) ("GoviEx" or the "Company") announces that, further to its news release of March 20 and March 28, 2025 in which the Company announced a private placement financing of up to 150,000,000 units for aggregate gross proceeds of up to $7.5 million, the Company is increasing the private placing financing up to 160,000,000 units (the "Units") at a price of $0.05 per Unit (the "Issue Price"), for aggregate gross proceeds of up to $8.0 million (the "Offering").

The Company has already received signed subscription agreements exceeding $7 million of the private placement, the majority of which was led by a strategic Zambian group who would like to see the Muntanga Project developed to production.

The Units to be issued under the private placement will be Hold Units only and pursuant to the exemptions under National Instrument 45-106 - Prospectus Exemptions ("NI 45-106") including the accredited investor exemption. Hold Units will be subject to the statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

Each Unit will be comprised of one Class A common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional Common Share at the USD equivalent price of $0.07 per Common Share for a period of 24 months following the closing date of the Offering.

The Company intends to use the net proceeds of the Offering to fund continued exploration and development activities on the Company's assets, working capital and for general corporate purposes. The closing of the Offering is expected to occur on or about May 5, 2025, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval from the TSX Venture Exchange.

A cash finder's fee up to 6.0% may be paid to arms-length finders for Hold Units placed by a finder in the Offering. Additionally, on the Closing Date, the Company may issue to such finders Warrants of the Company ( "Finder's Warrants") to acquire, in aggregate, a number of Common Shares of the Company equal to up to 3.0% of the aggregate number of Hold Units placed by that finder under the Offering. Each Finder's Warrant entitles the holder to purchase one additional Common Share at the USD equivalent price of $0.07 per Common Share, exercisable for a period of 18 months following the closing date of the Offering.