/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES./
CALGARY, April 29, 2016 /CNW/ - Uravan Minerals Inc.
("Uravan" or the "Corporation") is pleased to
announce that, subject to regulatory approvals, it intends to issue
pursuant to a non-brokered private placement up to 2,000,000 units
("Units") at a price of $0.10
per Unit and up to 670,000 common shares of the Corporation issued
on a "CEE flow-through" basis pursuant to the Income Tax Act
(Canada) ("Flow-Through
Shares") at a price of $0.15 per
Flow-Through Share for aggregate gross proceeds of up to
$300,500 (the "Offering").
Each Unit consists of one common share of the Corporation
("Common Share") and one Common Share purchase warrant
("Warrant"). Each whole Warrant will expire 24 months from
the closing date, and will entitle the holder to acquire one Common
Share of the Corporation at a price of $0.20 per Common Share.
Proceeds of the Offering will be used by Uravan to finance the
completion of a property-wide helicopter-borne electromagnetic (EM)
geophysical survey over the Outer Ring project, Athabasca Basin, Northern Saskatchewan [map link]. The
survey will be completed using Geotech Ltd.'s natural source
Z-Axis Tipper Electromagnetic (ZTEM) system. Geotech's ZTEM
system is considered ideal for imaging basement conductors where
the unconformity depths are greater than 800 m. The ZTEM survey is
the next requirement to advance this project for drill targeting.
The main area of focus is a discrete southwest-trending corridor of
anomalous concentrations of radiogenic
207Pb/206Pb ratios (<0.60) occurring in
the clay-size fraction from soils (ORX Anomaly) (map link).
Our experience tells us that the presence of tightly-patterned
surface anomalies (i.e. radiogenic
207Pb/206Pb ratios in soil clay-size
fraction) quickly defines highly prospective areas and, if
supported by conductive EM signatures, drill targeting becomes
immediate.
Closing of the Offering is anticipated to occur on or about
May 9, 2016. The securities issued
pursuant to the Offering are subject to a four month hold period
under applicable securities laws.
Uravan is a Calgary,
Alberta-based diversified mineral exploration company that
utilizes applied research to develop innovative exploration
technologies to identify buried uranium deposits in under-explored
areas. Our exploration focus in uranium is for potential high-grade
unconformity-related uranium deposits in the Athabasca Basin in Canada. 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 to be in the exploration stage of
development.
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 following: risks
associated with reasonable commercial efforts financing activities,
including the ability to raise sufficient funds, receipt of all
required regulatory and other approvals, securities and other
market conditions and economic factors, business and operations
strategies, future exploration and potential for mineral
deposits. 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.
Neither the 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 Uravan Minerals Inc.