Global Atomic Upsizes Private Placement to C$36 Million

Global Atomic Corporation (TSX: GLO, OTCQX: GLATF) has announced an upsize of its previously announced private placement to up to C$36 million. The company is offering up to 45 million units at a price of C$0.80 per unit, with each unit consisting of one common share and one share purchase warrant. The warrants will be exercisable at C$1.00 for a period of 36 months.

The proceeds from the offering will be used to further develop the Dasa Project in Niger and for general working capital purposes. The Dasa Project is a high-grade uranium deposit that is expected to achieve commercial production in early 2026.

The upsized private placement reflects the strong demand from investors for exposure to the uranium sector and Global Atomic's Dasa Project in particular. The company has received significant interest from both institutional and retail investors, including a lead order from a US-based institutional investor.

Global Atomic's president and CEO, Stephen G. Roman, commented on the upsized private placement, "We are pleased to have received such strong support from investors for our Dasa Project. The upsized private placement will provide us with the necessary capital to continue advancing the project and further de-risking the development process."



The Dasa Project is one of the highest-grade uranium deposits in Africa, with an average grade of 3,200 parts per million (ppm) U3O8. The project is fully permitted and has a maiden mineral resource estimate of 21.3 million pounds of U3O8. The project is expected to have a mine life of over 10 years and is expected to produce an average of 1.2 million pounds of U3O8 per year.

The upsized private placement is expected to close on or about July 15, 2024, subject to certain conditions, including the receipt of all necessary regulatory approvals. The company has engaged Red Cloud Securities as the finder for the private placement.

In addition to the upsized private placement, Global Atomic has also received approaches from various sources for pre-payments on uranium delivery contracts, strategic equity investment, minority joint venture investment at the project level, and equity financing. The company is actively evaluating these funding options to determine the optimal funding structure for the Dasa Project.

Global Atomic's Dasa Project is well-positioned to benefit from the growing demand for uranium, driven by the increasing use of nuclear power as a low-carbon energy source. The project's high-grade uranium deposit, combined with its fully permitted status and experienced management team, makes it an attractive investment opportunity in the uranium sector.

In conclusion, Global Atomic's upsized private placement of up to C$36 million reflects the strong demand from investors for exposure to the uranium sector and the company's Dasa Project in particular. The proceeds from the offering will be used to further develop the project and for general working capital purposes. The company is also actively evaluating other funding options to determine the optimal funding structure for the project. With its high-grade uranium deposit and experienced management team, Global Atomic's Dasa Project is well-positioned to benefit from the growing demand for uranium as a low-carbon energy source.