VANCOUVER, Sept. 11,
2014 /CNW/ - Uracan Resources Ltd. (TSX.V:URC,
OTC:URCFF) ("Uracan" or the "Company") has been advised that on
September 5, 2014, Clive Johnson, Chairman and Director of the
Company, acquired ownership and control over 295,000 common shares
of the Company representing 0.65% of the issued and outstanding
common shares of the Company.
Pursuant to this acquisition, Mr. Johnson owns in
aggregate 3,617,700 common shares, representing 7.93% of the
current issued and outstanding common shares of the Company,
790,000 options representing 17.95% of the outstanding options and
500,000 warrants representing 10.19% of the outstanding warrants
and would own 4,907,700 common shares, representing 10.46% of the
then-issued and outstanding common shares of the Company on a
partially diluted basis, assuming exercise of all convertible
securities held by Mr. Johnson.
Mr. Johnson acquired the securities for
investment purposes and has no present intention to acquire further
securities of the Company, although he may in the future acquire or
dispose of securities of the Company, through the market, privately
or otherwise, as circumstances or market conditions
warrant.
A copy of the early warning report relating to
the above holdings will be available under the Company's profile on
SEDAR at www.sedar.com.
About Clive
Johnson, Chairman of Uracan
Mr. Johnson is also the current President and
Chief Executive Officer of B2 Gold Corp. Mr. Johnson was involved
with Vancouver based Bema Gold and
its predecessor companies since 1977. When Bema Gold was created by
the amalgamation of three Bema group companies in 1988, Mr. Johnson
became the Chief Executive Officer. Mr. Johnson was the driving
force behind Bema's dramatic transition from a junior exploration
Company to an international intermediate gold producer. Bema had
producing gold mines in Russia,
Chile and South Africa and development projects in
Russia and Chile. In February
2007, Bema and Kinross Gold Corporation completed a plan of
arrangement whereby Kinross
purchased all of the outstanding shares of Bema, valuing Bema at
over Cdn$3.5 billion. In 2007 Mr.
Johnson and the other key executives from Bema Gold founded B2Gold.
In five years B2Gold has become a successful intermediate gold
producer with projected production growth from existing assets to
approximately 550,000 ounces of gold per year by 2015 and a current
market capitalization of Cdn$1.5
billion.
About Uracan Resources
Uracan Resources Ltd. (TSX.V:URC, OTC:URCFF) is a
Canadian-based exploration company currently focused on exploring
for uranium deposits in Northern Saskatchewan,
Canada.
In early 2013, Uracan signed an agreement with
UEX Corporation, whereby Uracan acquired the option to earn from
UEX a 60% participating interest in the Black Lake Property along
the northern margin of Saskatchewan's prolific Athabasca Basin.
UEX currently holds an 89.99% interest in the Black Lake Project
with AREVA Resources Canada Inc. ("AREVA") holding the remaining
10.01% interest. (See news release dated January 24, 2013).
In August 2014
Uracan signed a definitive agreement with Forum Uranium to acquire
up to a 70% interest in the Clearwater Project along the southwest
margin of the Athabasca Basin,
immediately adjacent to Fission Uranium's Patterson Lake South project. (See Uracan
news release dated August 27,
2014).
Since 2006, Uracan has discovered a N.I. 43-101
Indicated Mineral Resource estimate of 7 million lbs U3O8 (21.5
million tonnes at a grade of 140 ppm U3O8 using a 100 ppm cut-off
grade) and a N.I. 43-101 Inferred Mineral Resource estimate of 37
million lbs U3O8 (140.6 million tonnes at a grade of 120 ppm U3O8
using a 100 ppm cut-off grade) on its 100%-owned properties in
Quebec.
Uracan continues to review additional
opportunities worldwide to capitalize on management's extensive
exploration and financing capabilities.
Technical information in this news release has
been reviewed and approved by Marc
Simpson, P.Geo., Uracan's Qualified Person as defined by
National Instrument 43-101 ("N.I. 43-101") standards.
ON BEHALF OF URACAN RESOURCES LTD.
"Marc
Simpson"
President and CEO
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Uracan Resources Ltd.