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CALGARY, Alberta, December 09, 2022 (GLOBE NEWSWIRE) — Traction Uranium Corp. (the “company” or “traction“)TRAC TRCTF (FRA: Z1K) is pleased to announce that it has completed the first tranche of a non-brokered private placement (the “First installment private placement“) for total gross proceeds of approximately $2,513,105.00.

The company has 7,180,300 flow-through units (each a “flow unit“) at a price of $0.35 per Flow-Through Unit. Each Flow-Through Unit consists of one (1) common share (each a “FT share“) and one-half (1/2) common share purchase warrant (each a “FT warrant“). Each whole FT Warrant may be redeemed for one (1) common share of the Company (each a “Split“) at an exercise price of $0.40 for a period of two years from the date of issuance.

The Company will use the proceeds from the issuance of the FT Shares to incur “Canadian Exploration Expenditure,” as that term is defined in the Income Tax Act (Canada) (the “tax law“).

In connection with the closing of the first tranche private placement, the Company paid finder’s fees totaling $68,567.10 in cash and issued 195,906 finder’s warrants (each a “finder’s license“). Each Finder’s Warrant is convertible into one (1) share at an exercise price of $0.40 for a period of two years from the date of issuance.

All securities that may be issued in connection with the first tranche private placement will be subject to a statutory hold period of four months and one day from the date of issuance under applicable securities laws. The second tranche of the Company’s non-brokered private placement is expected to close on or about December 16, 2022.

This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any securities in the United States. The Securities have not been and will not be issued pursuant to the United States Securities Act of 1933, as amended (the “US.. .