May 26, 2023

Author of the article: We apologize, but this video has failed to load. Try refreshing your browser, or Vancouver, British Columbia, May 26, 2023 (GLOBE NEWSWIRE) — First American Uranium Inc. (CSE: URM) (the “Company”) announces, further to its news releases of May 4 and May 23, 2023, that the Company has closed the previously announced non-brokered private placement of units of the Company (the “Units”) by the issuance of 2,633,314 Units at $0.15 per Unit for gross proceeds of $394,997.15 (the “Offering”). Advertisement 2 THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by Kevin Carmichael, Victoria Wells, Jake Edmiston, Gabriel Friedman and others. Daily content from Financial Times, the world's leading global business publication. Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account. 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Enjoy additional articles per month. Get email updates from your favourite authors. or Article content Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. Email Address Sign Up By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 Thanks for signing up! A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Financial Post Top Stories will soon be in your inbox. We encountered an issue signing you up. Please try again Article content Each Unit consists of one common share in the capital of the Company (a “Share”) and one transferrable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.20 on or before May 26, 2025. The Company will use the net proceeds raised from the Offering for its current properties, on new projects or acquisitions, marketing and for working capital. The Offering was completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions and therefore the Shares issued in the Offering are not subject to a hold period in accordance with applicable Canadian securities laws. There is an amended and restated offering document dated May 23, 2023 related to the Offering that can be accessed under the Company’s profile at www.sedar.com . Prospective investors should read this offering document before making an investment decision. Advertisement 3 Article content The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. About First American Uranium Inc. First American Uranium Inc. is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration programs on the Silver Lake and Red Basin properties. The Silver Lake property is situated around Goosly Lake and approximately 30 km southeast of the town of Houston, in the Omineca Mining Division, British Columbia. The Company has acquired a 60% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in the Red Basin uranium/vanadium mineral claims located in Catron County, New Mexico. ON BEHALF OF THE