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Re: News Release - Wednesday, May 07, 2008
Uranium North Announces Financing
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News Release NR08-11
Not for dissemination in the United States or through U.S. newswires
VANCOUVER, May 7, 2008 - Uranium North Resources Corp. (TSX-V: UNR)
announces that it intends to complete a non-brokered private placement
to raise up to $4 million, through the sale of flow-through shares. The
flow-through shares will comprise up to 13,333,333 shares at $0.30 per
share (the "Flow-Through Shares"). The placement is to finance the
upcoming exploration program on its 100 % owned Canadian projects.
A cash finder's fee of 5% of the gross proceeds may be payable on a
portion of the placement. Finders may also receive warrants (the
"Finders Warrants") entitling them to purchase that number of non
flow-through common shares which is equal to 7% of the number of
Flow-Through Shares sold by the Finders. The Finders Warrants will
expire twelve months after the closing of the Offering. The exercise
price for the Finders Warrants will be $0.45 per common share.
The program will consist of drilling on the Amer Lake, Kam and Hawk
projects all located in Nunavut. Also, target confirmation through
ground surveys will be the focus for the Carswell property in the
Athabasca Basin in Saskatchewan.
Uranium North is confident in Nunavut's commitment to responsible
mineral exploration and development. Uranium exploration is supported
by Nunavut's 2003 Economic Development Strategy. Coupled with the
commitment to responsible mineral exploration, is the reality that much
of Nunavut is under-explored. Uranium North is poised to take full
advantage of the targets on its Nunavut properties.
The Flow-Through Shares and the Finders Warrants will be subject to a
hold period of four months plus one day from the closing of the
Offering.
This private placement is subject to regulatory approval.
About Uranium North Resources
Uranium North is a junior mineral exploration company focused on
uranium discovery in Canada. The Company will focus its first drill
program on three project areas in Nunavut; Amer Lake which is host to a
historical resource (non 43-101 compliant) and two project areas, Kam
and Hawk in the Southern Thelon Basin Area. Ground surveys will
continue on the Carswell project in the Athabasca Basin to confirm
drill targets for the 2009 drill program.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba
President & CEO
For additional information please contact:
Uranium North Resources Corp.
Corporate Communications: Heather Kays
Telephone: (604) 484-7120
Facsimile: (604) 484-7143
Website: www.uraniumnorth.com
Email: info@uraniumnorth.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release
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Copyright (c) 2008 URANIUM NORTH RESOURCES CORP,. (UNR) All rights
reserved. For more information visit our website at
http://www.uraniumnorthresources.com/ or send
mailto:info@uraniumnorthresources.com
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