KELOWNA, BC, Aug. 7, 2014 /CNW/ - Northern Uranium
Inc. (TSXV : UNO) ("Northern Uranium" or, the "Company") is
pleased to report the progress of its private placement previously
announced in its news release of June 20,
2014 (the "Financing").
Closing of First Tranche of Financing
Northern Uranium is pleased to announce that it has closed on
the first tranche of the Financing for a total of $600,000. The second tranche is expected to
close in approximately one month. The first tranche consists
of $500,000 in flow through shares at
$0.10 per share and $100,000 of non-flow through units at
$0.10 per unit. Each unit is
comprised of a share and one half of a two year warrant at
$0.15. In connection with the
issuance of the units the Company paid finder's fees of
$8,000 and issued 80,000 finders
warrants having the same terms as the warrants forming part of the
units. All securities are subject to a four month hold period
expiring December 7, 2014.
The proceeds from this financing will be used to commence the
Company's summer drill program at our flagship Maguire Lake
project. Exceptionally anomalous radon results combined with
geophysical surveys including magnetic, electromagnetic, induced
polarization and gravity surveys and the results of extensive
prospecting which has located boulders containing up to 66%
U3O8 have identified 39 high priority land
targets and 7 high priority and 5 medium priority lake
targets. The upcoming drill program will commence testing the
high priority land based targets.
President and CEO Chad Ulansky
states, "We are looking forward to our drill program testing
targets generated from the culmination of nearly $10 million dollars worth of exploration on our
claim blocks. The results to date support the presence of
high grade mineralization within the Maguire Lake area."
Northern Uranium has optioned the Northwest Manitoba project from Canalaska
Uranium Ltd and has the ability to acquire up to an 80% interest in
the project.
The technical information and results reported here have been
reviewed by Chad Ulansky, PGeo, a
qualified person under National Instrument 43-101, who is
responsible for the technical content of this release.
Forward Looking Statements
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and
uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward
looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. The Company undertakes
no obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on such
forward-looking statements.
Neither 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.
SOURCE Northern Uranium Corp.