North Shore Uranium Ltd. (TSX-V: NSU) (“North Shore” or the “Company”) reports that it has terminated its agreement for the provision of an advertising and investor awareness campaign with Dig Media Inc. dba Investing News Network (“INN”)(the “INN Agreement”). The INN Agreement was announced by the Company on November 3, 2023.
Pursuant to a private placement of subscription receipts that the Company closed on October 26, 2023, Dig Media subscribed for 333,333 common shares in the capital of the Company at an issue price of $0.30 per share, or $100,000 in the aggregate (the “Subscription Price”). Dig Media paid the Subscription Price to the Company on October 26, 2023. The subscription receipts were converted to common shares on October 31, 2023. Under the INN Agreement, which was made October 24, 2023, the Company paid INN an upfront fee of $50,000 (the “Upfront Fee”) of the total $100,000 cost of the twelve-month campaign.
The Company terminated the INN Agreement as it was not approved by the TSX Venture Exchange due to payment of the Upfront Fee and Dig Media’s participation in the Company’s October 26, 2023, private placement. INN has delivered sufficient services to the Company to have earned the Upfront Fee and no refund will be paid. No additional payments are owed to INN by North Shore.
About North Shore Uranium
The near-term business objectives of North Shore Uranium are to become a major force in exploration for economic uranium deposits at the eastern margin of Saskatchewan’s Athabasca Basin, a tier-one jurisdiction for discovering new mineable high-grade uranium deposits. The Company will work to achieve those objectives by conducting exploration programs on its two properties, Falcon and the West Bear Property, located 90 kilometres northeast of Falcon, and by evaluating opportunities to increase its portfolio of properties in the region.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the Company’s current plans and business objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such forward‑looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: assumptions regarding future uranium prices, debt and equity financing market conditions, receipt of regulatory approvals, and other factors. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on its behalf. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
