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Re: News Release - Friday, May 30, 2008
Mesa Uranium Announces Private Placement
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May 30, 2008 - Mesa Uranium Corp. (TSXV: MZU) ("Mesa" or the "Company")
is pleased to announce a non brokered private placement (the
"Offering") with Foster Wilson, the President, Chief Executive Officer
and a director of Mesa, of up to 2,000,000 units (the "Units") at a
price of $0.11 per Unit to raise aggregate gross proceeds to Mesa of up
to $200,000. Each Unit will consist of one common share (a "Share") in
the capital of Mesa and one-half of one non-transferable common share
purchase warrant (a "Warrant"). Each whole Warrant will entitle the
holder thereof to purchase one additional common share (a "Warrant
Share") in the capital of Mesa for a period of 18 months following the
closing of the Offering at a price of $0.15 per Warrant Share. The
securities issued under the Offering will be subject to a four month
hold period under applicable Canadian securities laws. The Offering is
subject to TSX Venture Exchange and shareholder approval.
Mr. Wilson will become a "control person" (as defined in the Securities
Act (British Columbia) of Mesa by virtue of purchasing the Units as he
will hold an aggregate of approximately 22.2% of the issued and
outstanding common shares of Mesa. The transaction is considered a
"related party transaction" under securities legislation as Mr. Wilson
is a director, officer and holds over 10% of Mesa's issued and
outstanding common shares. Mesa will be relying on the exemptions from
the formal valuation and minority shareholder approval requirements
under securities legislation, as the fair market value of the Units or
the consideration for the Units does not exceed 25% of the market
capitalization of Mesa at the time the transaction was agreed to.
Proceeds from the Offerings will be used to fund continuing exploration
and for general working capital.
The Company also announced the resignation of Lisa Ng, Chief Financial
Officer, and the appointment of Joe Chan to Chief Financial Officer of
the Company.
About Mesa Uranium
Mesa is a uranium exploration company focused on exploration in proven
uranium mining districts in the western United States. Mesa has 100%
ownership of 46 square miles of uranium exploration lands in the Lisbon
Valley Mining District in Utah and the Arizona Strip Mining District in
northern Arizona. For further information please visit our website at
www.mesauranium.com.
ON BEHALF OF THE BOARD
MESA URANIUM CORP.
(signed) Foster Wilson, President and CEO
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, including the likelihood of
commercial mining and possible future financings are forward-looking
statements. Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include
unsuccessful exploration results, changes in metals prices, changes in
the availability of funding for mineral exploration, unanticipated
changes in key management personnel and general economic conditions.
Mining is an inherently risky business. Accordingly the actual events
may differ materially from those projected in the forward-looking
statements. For more information on the Company and the risks and
challenges of its business, investors should review the Company's
annual filings that are available at www.sedar.com
For further information call:
Susan Wilson, Corporate Communications, 604-688-7508
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this news release.
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Copyright (c) 2008 MESA URANIUM CORP. (MZU) All rights reserved. For
more information visit our website at http://www.mesauranium.com/ or
send mailto:info@mesauranium.com
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