Western Uranium receives final order approving plan of arrangement

Western Uranium Corporation, a Canadian based resource company focused on exploration, acquisition and advancement of uranium properties primarily in North America, has received the final order from the Supreme Court of British Columbia approving the previously announced statutory plan of arrangement.

Under the Arrangement, the Company will spin out a portion of its interest in Western Lithium Canada Corporation (Western Lithium), it wholly owned subsidiary, to the shareholders of the Company.

Western Lithium, through its wholly owned subsidiary, has entered into a mining lease and option agreement with Western Energy Development Corp., a wholly owned subsidiary of the Company, pursuant to which it was granted the exclusive right to explore for lithium bearing minerals and clay on the Company’s Kings Valley property.

Completion of the Arrangement is subject to a number of conditions including the listing of the common shares of Western Lithium on the TSX Venture Exchange (the “Exchange”).

In addition, Western Lithium is completing a previously announced private placement of 16,220,000 of its common shares which are being offered at a price of $0.50 per share for gross proceeds of $8,110,000.

It is intended that the private placement will close immediately prior to the listing of the common shares of Western Lithium on the Exchange.

Western Lithium has applied to list its common shares on the Exchange and listing is conditional upon Western Lithium fulfilling all of the listing requirements and conditions of the Exchange.

The Company and Western Lithium will make further announcements to update their shareholders as to the status of the listing application and the private placement.