VANCOUVER, Jan. 18 /CNW/ - Uracan Resources Ltd. ("Uracan" or the "Company") is pleased to report that, further to the
news release announcement of December 24, 2010, the Company has closed
on an additional 2,000,000 units at 25 cents per unit for incremental
proceeds of $500,000 subject to final approval from the TSX Venture
Exchange. This brings the total gross proceeds to $6,727,490.
Each 25 cent unit consists of one common share and one common share
purchase warrant. Each warrant entitles the warrant holder to purchase
one common share of the Company at a price of 40 cents per share until
January 18, 2013.
Proceeds will be used for working capital. The securities issued in
connection with this incremental private placement will be subject to a
four month hold period expiring on May 19, 2011.
Uracan Resources Ltd. is a uranium exploration company, exploring for
near or at-surface, bulk tonnage style uranium mineralization in
Canada. Uracan is led by a team of proven exploration and mine
entrepreneurs and mine-builders. www.uracan.ca
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.
The foregoing information may contain forward-looking statements
relating to the future performance of Uracan Resources Ltd.
Forward-looking statements, specifically those concerning future
performance, are subject to certain risks and uncertainties, and actual
results may differ materially. These risks and uncertainties are
detailed from time to time in the Company's filings with the
appropriate securities commissions.
SOURCE URACAN RESOURCES LTD.
For further information:
|Gregg J. Sedun ||David Fry|
|President & CEO ||Corporate Development|
|604-682-5580 ||1-877-508-U3O8 (8308)|