16.03.2020

 

GoviEx Cancels Second Tranche of Private Placement

VANCOUVER, CANADA – GoviEx Uranium Inc. (TSX-V: GXU; OTCQB: GVXXF) (“GoviEx” or“Company”) today announces that it has cancelled the second tranche of the non-brokeredprivate placement offering of units (“Units”) announced February 13, 2020 (the “PrivatePlacement”). “The last two weeks have seen staggering volatility and devaluation in all sectors of theinternational equity markets and increasing economic uncertainty as governments and investorsaddress the ongoing impact of the COVID-19 pandemic. GoviEx announced on February 13, 2020, the successful close of the first tranche of the PrivatePlacement, subject to final TSX Venture Exchange approval, for gross proceeds ofapproximately C$2.3 million based on the Private Placement offer price of C$0.15 per Unit.However, the recent drastic and rapid devaluation of the equity market has resulted in asignificant gap between the original Private Placement offering price and the Company’scurrrent and prevailing market share price, and consequently, the Company has decided tocancel the second tranche of the Private Placement currently underway and to wait for marketsto settle before returning to the market for future financing. We remain firm in our resolve to weather these challenging times as we continue to believe inthe strong underlying fundamentals of the uranium and nuclear industry, and deep value in GoviEx’s asset base”, noted the Company’s Executive Chairman, Govind Friedland. GoviEx intends to proceed with the planned updated pre-feasibility (“PFS”) study for theMadaouela project in Niger, by end of May 2020. The PFS istargeting areas that are believedto reduce both operating and capital costs relative to the current technical report on theMadaouela Project(1), while at the same time reduce technical risk, with a focus on improvingoverall project economics.

Notes:1. See: An independent NI 43-101 technical report was prepared for the Madaouela Project in 2015 to a prefeasibilitylevel of confidence. The report titled “An Updated Integrated Development Plan for the Madaouela Project, Niger” hasan effective date of August 11, 2015, and a revision date of August 20, 2015, and is available at GoviEx’s profile on SEDAR at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined inpolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis release.

About GoviEx

Uranium GoviEx is a mineral resource company focused on the exploration and development of uraniumproperties in Africa. GoviEx’s principal objective is to become a significant uranium producerthrough the continued exploration and development of its flagship mine-permitted Madaouela

 

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