URAVAN ANNOUNCES COMPLETION OF FLOW-THROUGH PRIVATE PLACEMENT
December 06 2010 - 7:52AM
PR Newswire (Canada)
CALGARY, Dec. 6 /CNW/ -- /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ CALGARY, Dec.
6 /CNW/ - Uravan Minerals Inc. ("Uravan" or the
"Corporation") is pleased to announce that it has closed a
non-brokered private placement (the "Unit Offering") by issuing
5,833,333 units ("Units") at a price of $0.30 per Unit to the
MineralFields Group for gross proceeds of $1,750,000 and issued an
additional 1,700,000 flow-through common shares for gross proceeds
of $510,000 for aggregate gross proceeds of $2,260,000 (the "Share
Offering" and together with the Unit Offering, the "Offering").
Each Unit consists of one common share ("Common Share") issued on a
flow through basis pursuant to the Income Tax Act (Canada) and one
half of a non-flow-through share purchase warrant ("Warrant") of
the Corporation. Each whole Warrant will expire on December 1, 2012
and will entitle the holder to acquire one Common Share of the
Corporation at a price of $0.45 per share for the first year
following the closing date of the Offering and $0.55 per share for
the period beginning 12 months from the closing date until 24
months from the closing date of the Offering. "We are very pleased
to be entering into this relationship with MineralFields Group",
said Mr. Larry Lahusen, President and Chief Executive Officer of
the Corporation. "This is an important milestone in the
growth of Uravan Minerals Inc. and we look forward to working with
MineralFields Group as we develop our holdings in the Athabasca and
Thelon Basin region." In connection with the Offering, the
Corporation paid a cash finder's fee of 6% of the aggregate gross
proceeds raised from the Unit Offering and the Share
Offering. Additionally, 440,000 finder's warrants were issued
to the MineralFields Group on the same terms and conditions as the
Warrants under the Offering. The Common Shares and Warrants issued
pursuant to the Offering are subject to a four month hold period
under applicable securities laws, which hold period expires on
April 2, 2011. Proceeds of the Offering will be used by the
Corporation to finance potential uranium opportunities and for
working capital and general corporate purposes. Uravan is a Calgary
Alberta based R&D mineral exploration company specializing in
developing new uranium exploration technologies. Our vision is to
get to discovery faster and more cost effectively in under-explored
frontier areas. Uravan is pursuing exploration for potential
high-grade unconformity-related uranium deposits in the Athabasca
and Thelon Basins in Canada and other basin environments globally.
Uravan is a publicly listed company on the TSX Venture Exchange
under the trading symbol "UVN". All of the mineral properties
Uravan owns are considered in the exploration stage of development.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based
in Toronto, Vancouver, Montreal and Calgary, is a mining fund with
significant assets under administration that offers its
tax-advantaged super flow-through limited partnerships to investors
throughout Canada, as well as hard-dollar resource limited
partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution
of structured products and mutual funds (including the Pathway
Multi Series Fund Inc. corporate-class mutual fund series).
Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities ® (a
division of Limited Market Dealer Inc.) is active in leading
resource financings (both flow-through and hard dollar PIPE
financings) on competitive, effective and service-friendly terms,
and offers investment banking, mergers and acquisitions, and mining
industry consulting, services to resource companies.
MineralFields and Pathway have financed several hundred mining and
oil and gas exploration companies to date through First Canadian
Securities ®. This press release may contain forward looking
statements including those describing Uravan's future plans and the
expectations of management that a stated result or condition will
occur. Any statement addressing future events or conditions
necessarily involves inherent risk and uncertainty. Actual results
can differ materially from those anticipated by management at the
time of writing due to many factors, the majority of which are
beyond the control of Uravan and its management. In
particular, this news release contains forward-looking statements
pertaining, directly or indirectly, to the use of proceeds of the
Offering. Readers are cautioned that the foregoing list of
risk factors should not be construed as exhaustive. These
statements speak only as of the date of this release or as of the
date specified in the documents accompanying this release, as the
case may be. The Corporation undertakes no obligation to publicly
update or revise any forward-looking statements except as expressly
required by applicable securities laws. The Common Shares and
Warrants offered have not been and will not be registered under the
United States Securities Act of 1933, as amended and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirement. This
press 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 any jurisdiction in which such offer, solicitation or
sale would be unlawful. Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the Exchange) accepts responsibility for the adequacy
or accuracy of this release. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/06/c2723.html
pLarry Lahusen, CEObr/ Uravan Minerals Inc.br/ Tel: 403-264-2630br/
Email: a
href="mailto:llahusen@uravanminerals.com"llahusen@uravanminerals.com/a,br/
Website: a
href="http://www.uravanminerals.com"www.uravanminerals.com/a/p
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