VANCOUVER, Dec. 24 /CNW/ - Uracan Resources Ltd. ("Uracan" or the "Company") has closed a non-brokered private placement of 22,595,634 units for gross proceeds of $6,227,490 subject to final approval from the TSX Venture Exchange.
11,571,634 units are flow-through units at a price of $0.30 per unit. Each flow-through unit consists of one flow-through common share and one half of a common share purchase warrant, each whole warrant entitles the warrant holder to purchase one common share of the Company at a price of $0.40 per share until December 23, 2012.
The Company has also issued 11,024,000 non flow-through units at a price of $0.25 per unit. Each non flow-through 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 $0.40 per share until December 23, 2012.
Finder's fees of $273,150 of the gross proceeds of the offering were paid. Proceeds will be used to continue development of the Company's Canadian properties, and for working capital. The securities issued in connection with the private placement are subject to a four month hold period expiring on April 24, 2011.
Uracan Resources Ltd. is a uranium exploration company, exploring for shallow, 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.
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|Gregg J. Sedun||David Fry|
|President & CEO