MMCAP International Affirms Significant Stake in Western Uranium & Vanadium

TL;DR

**MMCAP International still holds WUC shares, showing continued institutional confidence.**

AI Summary

MMCAP International Inc. SPC, an investment fund, filed an amended SC 13G/A on January 17, 2024, indicating its ownership of Western Uranium & Vanadium Corp. (WUC) common shares as of December 31, 2023. This filing updates their previous disclosure, confirming their continued significant stake in the company. This matters to investors because it shows a major institutional investor maintains confidence in WUC, which could be a positive signal for the stock's stability and future prospects.

Why It Matters

This filing confirms a key institutional investor, MMCAP International Inc. SPC, continues to hold a substantial position in Western Uranium & Vanadium Corp., signaling ongoing confidence in the company's future.

Risk Assessment

Risk Level: low — This filing is an amendment confirming an existing stake, not a new acquisition or divestiture, indicating stability rather than new risk.

Analyst Insight

Investors should note that a significant institutional holder, MMCAP International Inc. SPC, continues to hold shares in Western Uranium & Vanadium Corp. This indicates a stable institutional presence, but further analysis of the company's fundamentals and MMCAP's specific ownership percentage (which is not detailed in this excerpt) would be needed for a complete investment decision.

Key Players & Entities

• MMCAP International Inc. SPC (company) — the reporting person and institutional investor
• Western Uranium & Vanadium Corp. (company) — the subject company whose shares are being reported
• December 31, 2023 (date) — the date of the event requiring the filing
• January 17, 2024 (date) — the filing date of the SC 13G/A amendment

Forward-Looking Statements

• MMCAP International Inc. SPC will likely maintain its significant stake in Western Uranium & Vanadium Corp. for the foreseeable future. (MMCAP International Inc. SPC) — medium confidence, target: Q2 2024

FAQ

Filing Documents

• tm243547d1_sc13ga.htm (SC 13G/A) — 43KB
• 0001104659-24-004472.txt ( ) — 44KB

If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b)

Item 3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) ¨ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) ¨ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) ¨ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) ¨ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) ¨ An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) ¨ An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) ¨ A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) ¨ A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) ¨ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) ¨ A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J); (k) ¨ Group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____________________________ Page 4 of 7 Pages

Ownership

Item 4. Ownership. See Items 5-9 and 11 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of December 31, 2023 and remains accurate as of the close of business on January 17, 2024, the date of filing of this Schedule 13G/A1 (and 331,906 of which Common Shares underlie warrants that are exercisable within 60 days). The percentages of beneficial ownership contained herein are based on: (x) 44,276,811 Common Shares outstanding as of November 17, 2023, as reported in the Issuer’s Form 10-Q filed with the SEC on November 20, 2023; (y) an additional 5,215,828 Common Shares issued by the Issuer on December 12, 2023 as reported in the Issuer’s press release of the same date; and (z) 331,906 Common Shares issuable upon exercise of the warrants described above.

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following:

Ownership of More than Five Percent on Behalf of Another

Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not applicable.

Identification and Classification of the Subsidiary Which

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. Not applicable.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Not applicable. Page 5 of 7 Pages

Certification

Item 10. Certification. (a) Not applicable. (b) Not applicable. (c) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11. Page 6 of 7 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: January 17, 2024 MMCAP International Inc. SPC By: /s/ Ulla Vestergaard Name: Ulla Vestergaard Title: Director MM Asset Management Inc. By: /s/ Hillel Meltz Name: Hillel Meltz Title: President Page 7 of 7 Pages

View Full Filing

View this SC 13G/A filing on SEC EDGAR