Western Uranium & Vanadium Corp 8-K, filed Apr 21, 2020
Western Uranium & Vanadium Corp. (WSTRF)
About this 8-K
Western Uranium & Vanadium Corp filed this 8-K on April 21, 2020, reporting on events of April 20, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 20, 2020
| WESTERN URANIUM & VANADIUM CORP. |
| (Exact Name of Registrant as Specified in its Charter) |
| Ontario, Canada | 000-55626 | 98-1271843 | ||
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 330 Bay Street, Suite 1400, Toronto, Ontario, Canada | M5H 2S8 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (970) 864-2125
| N/A |
| (Former Name or Former Address, if Changed Since Last Report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||
| N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
☒ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On April 20, 2020, Western Uranium & Vanadium Corp. (the “Company”) announced the extension by nine months of the common share purchase warrants (the “Warrants”) issued to investors in non-brokered private placements that closed on May 4, July 30 and August 9, 2018 (the “2018 Private Placements”) and the amendment of the trigger price in the acceleration clause of each Warrant. No Warrants issued to investors in the 2018 Private Placements have been exercised, and a total of 2,671,116 Warrants are being amended.
Additional details about the changes are provided in the press release that the Company issued to announce the amendment of the Warrants, which is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release dated April 20, 2020 |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 20, 2020 | WESTERN URANIUM & VANADIUM CORP. | |
| By: | /s/ Robert Klein | |
|
Robert Klein Chief Financial Officer | ||
2
Exhibit 99.1
April 20, 2020
Western Uranium & Vanadium Corp. Extends Warrants Issued in 2018
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the “Company”) announces the extension by nine months of the common share purchase warrants (the “Warrants”) issued to investors in non-brokered private placements that closed on May 4, July 30 and August 9, 2018 (the “2018 Private Placements”) and the amendment of the trigger price in the acceleration clause of each Warrant. No Warrants issued to investors in the 2018 Private Placements have been exercised, and a total of 2,671,116 Warrants are being amended.
Each Warrant currently entitles the holder to purchase one common share (a “Common Share”) in the capital of the Company at a price of C$1.15 per Common Share at any time prior to 5:00 p.m. (Toronto time) on May 4, July 30 and August 9, 2020, respectively (the “Original Expiry Dates”). Each of the Original Expiry Dates is extended by nine months such that the Warrants will expire on February 4, April 30 and May 9, 2021, respectively.
In addition, each Warrant is currently subject to an acceleration clause that allows the Company to accelerate the expiration date of the Warrant if the closing price of the Common Shares of Western is equal to or greater than C$2.50 for a period of five consecutive trading days (the “Acceleration Clause”). Western is amending the Acceleration Clause of each Warrant by lowering the trigger price from C$2.50 to C$1.83 effective at 5:01 p.m. (Toronto time) on each of the Original Expiry Dates. All other terms of the Warrants remain the same, including the applicable legends.
No Warrant is held by an insider or a related party to the Company. In accordance with the rules of the Canadian Securities Exchange, no compensation warrants issued in connection with the 2018 Private Placements are being extended. The amendments to the Warrants remain subject to final regulatory approval.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes “forward-looking information” or a “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Statements of that nature include statements relating to, or that are dependent upon: the Company’s expectations, estimates and projections regarding exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company’s business, and the economic and political environment applicable to its operations, 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 its other filings at www.sec.gov and/or www.sedar.com, for a more detailed review 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. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
Robert Klein
Chief Financial Officer
908-872-7686
rklein@western-uranium.com