HALIFAX, NOVA SCOTIA--(Marketwire - June 18, 2010) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Ucore Uranium Inc. (TSX VENTURE:UCU), ("Ucore" or the "Company") is pleased to announce that it has closed its previously announced brokered private placement of 18,181,818 units at $0.22 per unit for gross proceeds of approximately $4,000,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant gives the holder the right to purchase one common share at an exercise price of $0.30 for a period of 24 months. The offering was led by Pope & Company Limited.
The net proceeds of the financing will be used to advance exploration on the Company's properties, focusing on the Company's Bokan Mountain property, and for general working capital.
All securities issued under the private placement are subject to a four month hold period expiring October 19, 2010.
The Company paid a cash commission of 7.0% of the gross proceeds and issued brokers' warrants equal to 7.0% of the aggregate number of units issued by the Company pursuant to the financing. Each brokers' warrant gives the holder the right to purchase one common share at an exercise price of $0.22 for a period of 24 months from the Closing Date, in accordance with the policies of the TSX-V.
Ucore Uranium Inc. is a junior exploration company focused on establishing REE and uranium resources through exploration and property acquisition. Ucore's primary focus is the Rare Earth One operated Bokan Mountain rare earth element and uranium project. The project is located on the southern part of the Prince of Wales Island in southeastern Alaska, with excellent deep water access and proximity to major sea and rail shipping routes across North America and to Asia.
Jim McKenzie, President
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward- looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.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.