Trading Symbol - ESO
VANCOUVER, Feb. 17, 2012 /CNW/ - ESO Uranium Corp. (TSXV: ESO) ("the
Company") announced that it has completed the sale of the following
(i) 9,800,000 flow-through units ("FT Unit") at a price of $0.10 per FT
Unit, for a total of $980,000. Each FT Unit consists 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) 8,315,000 non-flow-through units ("NFT Unit") at a price of $0.10
per NFT Unit, for a total of $831,500. 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 has paid finders fees in connection with the Offering
(i) $105,150 in cash equal to an 6% of the gross proceeds received from
the sale of FT Units and NFT Units; and
(ii) 1,051,500 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
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 to pay for the
regulatory filing and finders' fees associated with this Private
Placement, for general working capital, and other exploration
All securities are subject to a four month hold period. The Private
Placement remains subject to final approval of the TSX Venture
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