/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
US Symbol: ATURF
VANCOUVER, Jan. 31, 2013 /CNW/ - Athabasca Uranium Inc. ("Athabasca" or the "Company") is pleased to announce that it has entered into an engagement letter
regarding a brokered private placement for aggregate gross proceeds of
up to $3,000,000 (the "Offering"), and the appointment of Kim Goheen to its Board of Directors.
Brokered Private Placement
The Offering will be conducted on a best efforts basis and co-led by MGI
Securities Inc. and D&D Securities Inc. (together the "Lead Agents"). The Offering is comprised of up to 18,750,000 flow through shares
(the "FT Shares") at a price of $0.12 per FT Share for gross proceeds of up to
$2,250,000 and up to 7,500,000 non-flow through units (the "NFT Units") at a price of $0.10 per NFT Unit for gross proceeds of $750,000.
Each FT Share will be designated as a flow-through share pursuant to
the Income Tax Act (Canada). Each NFT Unit will consist of one common share and one half
of one common share purchase warrant (a "Warrant"), each whole Warrant entitling the holder to purchase one additional
common share at a price of $0.16 per share for a period of one year
from the closing of the Offering. The Offering is also subject to a
15% over-allotment option to be exercised by the Lead Agents at anytime
up to 30 days following Closing.
The proceeds from the Offering will be used to fund the Company's
exploration program at its prospective uranium properties located in
the Athabasca Basin region of northern Saskatchewan and for general
working capital and corporate purposes.
Closing of the Offering is subject to a number of conditions, including
receipt of all necessary corporate and regulatory approvals, including
that of the TSX Venture Exchange. Closing is expected to occur on or
about February 28, 2013. All securities issued in connection with the
Offering will be subject to a statutory hold period of four months plus
a day from the date of issuance in accordance with applicable
Appointment to the Board
The Company is pleased to announce the appointment of Kim Goheen, MBA,
CMA, ICD.D to its Board of Directors, effective immediately.
Mr. Goheen's business career spans over 30 years, with extensive
experience in major publicly listed companies in both the mining and
oil and gas sectors, including the uranium industry. Prior to retiring
in 2011, he was the Senior Vice-President and Chief Financial Officer
of Cameco Corporation, one of the world's largest uranium producers.
At Cameco, he led in establishing the financial platform that supported
its growth plans and in building its formidable position of financial
As Senior Vice-President at Cameco, Mr. Goheen played a key role in
overseeing Cameco's investment in Bruce Power and in determining and
implementing Cameco's plans for its future with the partnership. Bruce
Power is a private partnership that operates four nuclear power
reactors in Ontario. Mr. Goheen also served as a Director of Centerra
Gold, a company controlled by Cameco. He directed the creation and
listing of Centerra in 2004, with a market capitalization in excess of
$1 billion and oversaw its evolution as a public company. Its market
capitalization at the time of Cameco's exit in December 2009 was
approximately $2.4 billion.
On his appointment Mr. Goheen commented: "The outlook for nuclear energy
continues to improve and I look forward to helping UAX grow in the
highly prolific Athabasca Basin."
Gil Schneider, Athabasca CEO commented: "We are very excited at Kim's
decision to move up to our Board from our Advisory Committee. He
brings a wealth of direct uranium experience to the Company, and we
feel his joining us on the Board is a re-affirmation of his strong
endorsement of the Company's vision. We look forward to continuing to
capitalize on his considerable experience in the uranium field."
Mr. Goheen's appointment follows the resignation from the Athabasca
board of long-time director Mr. Steven Bruk. The Company wishes to
thank Mr. Bruk for his dedicated service to the Company through its
About Athabasca Uranium
Athabasca Uranium Inc. is a uranium exploration and development company
exploring an aggregate of over 60,000 hectares strategically located in
the uranium-rich Athabasca Basin region of northeast Saskatchewan. The
Company's stated vision is to explore the region using leading-edge
technology to become a world-class uranium mining company. Additional
information on Athabasca Uranium and its vision is available on the
Company's website at www.athabascauranium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gil Schneider, President & CEO
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements.
Forward-looking statements are statements that are not historical facts
and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ
materially from those in forward looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date such statements were made. The
Company expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulations Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Athabasca Uranium Inc.
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