U3O8 Corp. Announces $10 Million Bought Private Placement

U3O8 Corp. (TSX-V:UWE) (the "Company") is pleased to announce that it has entered into an agreement with Dundee Securities Ltd. (the "Lead Underwriter") on behalf of a syndicate of underwriters including Clarus Securities Inc. and PowerOne Capital Markets Limited (the "Underwriters") under which the Underwriters have agreed to purchase on a bought deal private placement basis 16,700,000 units (the "Units") at a price of $0.60 per Unit for total gross proceeds of $10,020,000 (the "Offering").. The Underwriters have been granted the option to purchase up to an additional 15% of the Offering, exercisable in whole or in part at any time up to 48 hours before the Closing Date (the "Option").

Each Unit shall consist of one common share of the Company ("Share") and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one Share of the Issuer at a price of $0.80 for a period of 24 months following the Closing Date. The Warrants will not be listed for trading.

In connection with the Offering, the Underwriters will receive a cash commission equal to 6.0% of the gross proceeds raised under the Offering (inclusive of the Option) and that number of non-transferable broker warrants equal to 6.0% of the number of Units sold (inclusive of the Option).  Each Broker Warrant will be exercisable into one Unit of the Company for a period of 24 months from the Closing Date at a price of $0.60 per Unit.

The Closing Date of the Offering is scheduled on or about February 9, 2012.  All securities issued will be subject to a four month hold period. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

The net proceeds will be used to advance the exploration and development of the Issuer's projects in Colombia, Argentina and Guyana, and for general corporate purposes.