NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
VANCOUVER, Feb. 16, 2012 /CNW/ - CanAlaska Uranium Ltd. (TSX - CVV) ("CanAlaska" or the "Company") is undertaking a non-brokered private
placement for up to 3,920,000 flow-through shares, together with up to
750,000 ordinary shares for gross proceeds of up to $2,321,700 (the
"Offering"). Under the Offering, each flow-through share is being
offered at a price of $0.51 per share and each ordinary share is being
offered at a price of $0.43 per share.
The Company shall renounce to the purchasers of the flow-through shares
the amount of Qualifying Canadian Exploration Expenditures equal to the
aggregate consideration of flow-through shares subscribed. The Company
intends to use the flow-through funds raised for exploration programs
on its mineral properties located in the Provinces of Manitoba and
Saskatchewan, Canada. Exploration expenditures on the properties will
constitute "Canadian exploration expenses" and "flow-through mining
expenditures", as defined in the Tax Act. Proceeds raised from
offering of the ordinary shares will be used for general corporate
working capital purposes.
The Offering is subject to certain conditions including, but not limited
to, the receipt of all necessary regulatory and stock exchange
approvals. All securities to be issued under the Offering will be
subject to a four-month statutory hold period in Canada.
Finders fees may be payable in connection with the proposed private
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF -- OTCBB, DH7N -- Frankfurt) is undertaking uranium exploration in twenty one uranium projects in
Canada's Athabasca Basin -- the "Saudi Arabia of Uranium". Since
September 2004, the Company has aggressively acquired one of the
largest land positions in the region, comprising over 2,500,000 acres
(10,117 sq. km or 3,906 sq. miles). To-date, CanAlaska has expended
over Cdn$75 million exploring its properties and has delineated
multiple uranium targets.
For more information visit www.canalaska.com
On behalf of the Board of Directors
Peter Dasler, M.Sc., P.Geo., President & CEO,
CanAlaska Uranium Ltd.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release: CUSIP# 13708P 10 2. This news
release contains certain "Forward-Looking Statements" within the
meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical
fact, included herein are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the British Columbia
Securities Commission and the United States Securities & Exchange
SOURCE CanAlaska Uranium Ltd.
For further information:
Emil Fung, Director & V.P. - Corp. Dev.
Tel: +1.604.688.3211 x318