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CALGARY, May 9, 2016 /CNW/ - Uravan Minerals Inc.
("Uravan" or the "Corporation") is pleased to
announce that it has closed the first tranche of a non-brokered
private placement by issuing 670,000 common shares (the
"Shares"). The Shares of the Corporation were 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 $100,500 (the "Offering"). The securities
issued pursuant to the Offering are subject to a four month hold
period under applicable securities laws.
The second tranche of the private placement, announced
April 29, 2016 [press release link],
is expected to close on or about May 12,
2016.
Proceeds of the Offering will be used by Uravan to finance 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 geophysical survey is the next requirement to advance
the Outer Ring 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).
Larry Lahusen, CEO for Uravan,
states, "Our experience tells us that the occurrence of
tightly-patterned surface anomalies, consisting of radiogenic
207Pb/206Pb ratios in soil clay-size fraction
and other supporting pathfinder elements, quickly defines highly
prospective areas for the potential occurrence of uranium
mineralization at depth. When these anomalous surface trends
are supported by basement EM conductive signatures, drill targeting
is immediate. Contingent on positive results from the ZTEM survey,
a late summer drill program to test the ORX anomaly is
anticipated".
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, timing of closing
the Offering, 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.