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

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) — Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) is pleased to announce 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 (the “Offering”) of units for gross proceeds of C$3,000,000 (the “Offered Securities”). Closing of the Offering is expected to occur on or around June 25, 2020 (the “Closing Date”).

The Offered Securities shall consist of any combination of units (“Units”), flow-through units (“FT Units”), and charity flow-through units (“Charity FT Units”). Each Unit shall be offered at a price of C$0.20 per Unit and shall be composed of one common share (“Share”) in the capital of the Company and one half of one Share purchase warrant (“Warrant”). Each FT Unit shall be offered at a price of C$0.22 per FT Unit and shall be composed of one Share issued on a flow-through basis (“FT Share”) and one half of one Warrant. Each Charity FT Unit shall be offered at a price of C$0.29 per Charity FT Unit, and shall be composed of one FT Share issued as part of a charity arrangement (“Charity FT Share”) and one half of one Warrant. Each whole Warrant composing the Units, the FT Units, and the Charity FT Units shall be exercisable at a price of C$0.30 per Warrant for a period of thirty-six (36) months from the Closing Date of the Offering, 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”) 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. has been appointed as special advisor to the Company.

The net proceeds raised under the Unit offering will be for the exploration and development of the Company’s Davidson River Project and for working capital purposes. Proceeds of the Offering from the sale of FT Shares underlying the FT Units and Charity 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.

A copy of the Preliminary Prospectus is available at www.sedar.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Offered Securities, nor shall there be any sale of the Offered Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Offered Securities being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.

About Standard Uranium

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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