Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Feb. 7, 2012 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO"), announced that it is proceeding with a
non-brokered private placement for gross proceeds of up to $2,000,000
Pursuant to the Private Placement, the Company will issue an aggregate
(i) up to 10,000,000 flow-through units ("FT Unit") to be issued at a
price of $0.10 per FT Unit, for a total of $1,000,000. Each FT Unit
will consist of one flow-through common share and one share purchase
warrant ("FT Warrant"), where each FT Warrant will entitle the holder
to purchase one non-flow-through common share at a price of $0.15 per
share for a period of 24 months; and
(ii) up to 10,000,000 non-flow-through units ("NFT Unit") to be issued
at a price of $0.10 per NFT Unit, for a total of $1,000,000. Each NFT
Unit will consist of one non-flow-through common share and one share
purchase warrant ("NFT Warrant"), where each NFT Warrant will entitle
the holder to purchase one non-flow-through common share at a price of
$0.12 per share for a period of 24 months.
The Company may, in appropriate circumstances, pay finders fees in
connection with the Offering consisting of:
(i) a cash fee equal to an 6% of the gross proceeds received from the
sale of FT Units and NFT Units; and
(ii) finders options ("Finders Options") equal to 6% of the number of FT
Units and NFT Units sold. Each Finders Option will entitle the holder
to purchase one NFT Unit at a price of $0.10 per NFT Unit for a period
of 24 months from the date of issue of the Finders Option.
The Offering is subject to TSX Venture Exchange acceptance, and all
securities issued in connection with the Offering will be subject to a
four (4) month hold period.
The gross proceeds from the sale of the FT Units shall be used to fund
exploration on the Company's properties in the Athabasca Basin,
Saskatchewan, including the Patterson Lake South Property, and the net
proceed from the sale of the NFT Units shall be used for general
The Patterson Lake South property is a 50-50 Joint Venture held with
Fission Energy Corp. (TSX-V: FIS). The project covers 13,497 ha (more
than 30,000 acres) in 12 mineral claims on the southwest margin of the
Athabasca Basin in the Broach Lake - Patterson Lake area. The
Patterson Lake South Property is accessible by road with primary access
from all weather Highway 955, which runs north to the former Cluff Lake
mine (approximately 60 Million pounds Uranium produced), and passes
through the nearby UEX-Areva Shea Creek discoveries (approximately
100,000,000 lbs uranium in a combined indicated and inferred resource
estimate from 2010) located 50km to the north, currently under
continuing active exploration and development. The Patterson Lake South
Joint Venture project is jointly operated by Fission Energy Corp. and
The non-brokered financing for up to $2,000,000, previously announced on
December 6, 2011, was partially completed on December 29, 2011, and the
balance of this offering has been terminated.
On behalf of the Board of Directors of ESO Uranium Corp.
Please refer to the ESO Uranium website for further and updated
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.
Forward Looking Statements: The above contains forward looking
statements that are subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those anticipated in our forward looking statements.
Factors that could cause such differences include: changes in world
commodity markets, equity markets, costs and supply of materials
relevant to the mining industry, change in government and changes to
regulations affecting the mining industry. Forward-looking statements
in this release include statements regarding future exploration
programs, operation plans, geological interpretations, mineral tenure
issues and mineral recovery processes. Although we believe the
expectations reflected in our forward looking statements are
reasonable, results may vary, and we cannot guarantee future results,
levels of activity, performance or achievements.
SOURCE ESO Uranium Corp.
For further information:
For corporate communications please contact:
Robert (Bob) Meister
ESO Uranium Corp.
Phone: (604) 629-0293
Toll Free: 1-866-629-0293