Sachem Cove Announces Updated Holdings in Premier American Uranium Inc. and Filing of Early Warning Report

TORONTO, Sept. 28, 2026 /CNW/ -- Sachem Cove Special Opportunities Fund, LP ("Sachem Cove") announces certain acquisitions and dispositions of beneficial ownership of Premier American Uranium Inc. ("PUR") pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103").

On February 3, 2026, Sachem Cove acquired 1,444,500 units of PUR (the "Units") at a price of C$0.90 per Unit for aggregate consideration of C$1,300,050 (the "Acquisition"). Each Unit was comprised of one common share of PUR (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $1.26 per share at any time on or before February 3, 2029. The Units were acquired by Sachem Cove pursuant to an offering completed by PUR (the "Offering") consisting of an aggregate of 16.666,666 Units comprised of 16,666,666 Common Shars and 8,333,333 Warrants.

On April 6, 2026, Sachem Cove converted 11,139.6 compressed shares (the "Compressed Shares") into 11,139,600 Common Shares (the "Conversion"). Following the Conversion, Sachem Cove holds no Compressed Shares.  

On September 25, 2026, Sachem Cove transferred an aggregate of 3,318,000 Common Shares and purchase 722,250 Warrants to an investor in the fund (the "Disposition" and together with the Acquisition and the Conversion, the "Transactions"). The Common Shares were transferred at a deemed price of $0.54 per Common Share and the Warrants were transferred at a deemed price of $0.14 per Warrant, representing aggregate value of $1,892,835.  

Pursuant to the Acquisition, Sachem Cove acquired an aggregate of 1,444,500 Common Shares and Warrants entitling Sachem Cove to acquire an additional 722,250 Common Shares. Pursuant to the Conversion, Sachem Cove disposed of 11,139.6 Compressed Shares and acquired 11,139,600 Common Shares. Pursuant to the Disposition, Sachem Cove disposed of 3,318,000 Common Shares and 722,250 Warrants. On a net basis, pursuant to the Transactions, Sachem Cove acquired an aggregate of 9,266,100 Common Shares and acquired nil Warrants, to hold an aggregate of 13,642,775 Common Shares and warrants to acquire an aggregate of 266,667 Common Shares.   

The Transactions and the Offering resulted in a decrease of Sachem Cove's ownership position of approximately 5.38% of the 95,563,799 outstanding Common Shares (as of the date hereof) on a non-diluted basis and approximately 5.38% of the 95,830,466 outstanding Common Shares (as of the date hereof) on a partially-diluted basis assuming exercise of all of the warrants held by Sachem Cove. The Conversion resulted in a 100% decrease in Sachem Cove's ownership position in the Compressed Shares.

Prior to the completion of the Offering and the Transactions, Sachem Cove owned an aggregate of 4,337,475 Common Shares and warrants to acquire an aggregate of 266,667 Common Shares, representing approximately 6.40% of the 67,757,533 then outstanding Common Shares on a non-diluted basis and approximately 6.77% of the 67,757,533 then outstanding Common Shares on a partially-diluted basis assuming exercise of all of the warrants held by Sachem Cove (before giving effect to the conversion of the Compressed Shares). Assuming the conversion of all of the issued and outstanding Compressed Shares into Common Shares, Sachem Cove held 15,477,075 Common Shares and warrants to acquire an aggregate of 266,667 Common Shares, representing approximately 19.62% of the 78,897,133 then outstanding Common Shares on a non-diluted basis and approximately 19.89% of the 79,163,800 then outstanding Common Shares on partially-diluted basis assuming exercise of the warrants held by Sachem Cove.

Following completion of the Offering and the Transactions, Sachem Cove owns an aggregate of 13,642,775 Common Shares and warrants to acquire an aggregate of 266,667 Common Shares, representing approximately 14.24% of the 95,563,799 outstanding Common Shares (as of the date hereof)  on a non-diluted basis and approximately 14.51% of the 95,830,466 outstanding Common Shares (as of the date hereof) on a partially-diluted basis assuming exercise of all of the warrants held by Sachem Cove.

Prior to the Conversion, Sachem Cove owned 100% of the outstanding Compressed Shares. Following the Conversion, Sachem Cove holds no Compressed Shares and no Compressed Shares remain outstanding.  

The securities of PUR held by Sachem Cove are held for investment purposes. Although Sachem Cove has no current plans with respect to the securities, depending on market conditions, general economic and industry conditions, trading prices of PUR's securities, PUR's business, financial condition and prospects and/or other relevant factors, Sachem Cove may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold securities of PUR.

This news release is issued pursuant to NI 62-103, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of Sachem Cove will be available under PUR's profile on SEDAR+ at www.sedarplus.ca.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Sachem Cove Special Opportunities Fund, LP

For further information, please contact: Sachem Cove Special Opportunities Fund LP, 44 Main Street, Cold Spring Harbor, NY 11724, [email protected]