NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, July 24, 2024 (GLOBE NEWSWIRE) -- Global Uranium Corp. (CSE: GURN | OTC PINK: GURFF | FRA: Q3J) (the "Company") is pleased to announce a non-brokered private placement for gross proceeds of up to C$3,000,000 (the "Offering").

The Offering is expected to consist of the offering of: (i) units of the Company at a price of $0.35 per unit (the "$0.35 Unit") for aggregate gross proceeds of up to C$2,000,000, with each $0.35 Unit comprised of one non-flow-through common share of the Company (each, a "Share") and one Share purchase warrant of the Company entitling the holder to acquire one Share (each, a "Warrant Share") at a price of C$0.45 per Warrant Share for a period of twenty-four months from the date of issuance (the "Non-Flow Through Offering"); and (ii) units of the Company at a price of $0.40 per unit (the "$0.40 Unit") for aggregate gross proceeds of up to C$1,000,000, with each $0.40 Unit comprised of one flow-through common share (each, a "FT Share") and one Share purchase warrant of the Company entitling the holder to acquire one Warrant Share at a price of C$0.45 per Warrant Share for a period of twenty-four months from the date of issuance (the "FT Offering"). The FT Shares issued under the FT Offering are intended to qualify as "flow through shares" within the meaning of the Income Tax Act (Canada) (the "Tax Act").

The Company intends to use the net proceeds raised from the Offering to fund exploration activities on the Company's projects, including at the Northwest Athabasca Project, and general and administrative expenditures, including investor awareness and promotional expenditures, and for general working capital purposes. The gross proceeds from the sale of the FT Shares will be used to incur "Canadian exploration expenses" that are intended to qualify as "flow-through mining expenditures" as those terms are defined in the Tax Act, which the Company intends to renounce to the initial purchasers of the FT Shares.

All securities issued in the Offering will be subject to a statutory four month and one day hold period. Closing of the Offering is subject to the Company's receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange. The Offering is expected to close on or about August 30, 2024.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

ABOUT GLOBAL URANIUM CORP.

Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently has an interest in two uranium projects in Canada: the Northwest Athabasca Project in the Northwest Athabasca region of Saskatchewan, Canada; and the Wing Lake Property in the Mudjatik Domain of Northern Saskatchewan, Canada. The Company has also entered into an agreement to acquire five other uranium projects in several regions of Wyoming, USA, including the Great Divide Basin District, the Gas Hills District and the Copper Mountain District.

ON BEHALF OF THE BOARD OF DIRECTORS

"S. John Kim"
S. John Kim
CEO and Director

604-359-1248
info@globaluranium.com

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.

In particular, this press release contains forward-looking information relating to, among other things, the Offering, including the total anticipated proceeds, the expected use of proceeds, the Company's expectation that the FT Shares will qualify as flow-through shares as defined in the Tax Act, the Company's intention to renounce the flow-through mining expenditures to the initial purchasers of the FT Shares and the closing (including the proposed closing date) of the Offering. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including the assumption that the Company will close the Offering on the timeline anticipated, will raise the anticipated amount of gross proceeds from the Offering and will use the proceeds of the Offering as anticipated (including to incur Canadian exploration expenses). Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include: the risk that the Offering does not close on the timeline expected, or at all; the risk that the Company raises less than the anticipated amount of gross proceeds from the Offering; the risk that the Company does not use the proceeds from the Offering as currently expected, including that the Company does not utilize the gross proceeds from the sale of the FT Shares to incur Canadian exploration expenses such that the Company may renounce flow-through mining expenditures to initial purchasers of the FT Shares; the risk that the FT Shares do not qualify as flow-through shares as defined in the Tax Act; risks inherent in the exploration and development of mineral deposits, including risks relating to receiving requisite permits and approvals, changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project; that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company; operational risks; regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; financing, capitalization and liquidity risks; title and environmental risks; and risks relating to the failure to receive all requisite regulatory approvals. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

The Canadian Securities Exchange has not reviewed, approved, or disapproved the contents of this ‎press release.‎