/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES./
CALGARY, Aug. 15, 2016 /CNW/ - Uravan Minerals Inc.
("Uravan" or the "Corporation") is pleased to
announce that, subject to applicable regulatory approvals, it
intends to issue pursuant to a non-brokered private placement up to
8,000,000 units ("Units") at a price of $0.30 per Unit for aggregate gross proceeds of up
to $2,400,000 (the
"Offering").
Each Unit consists of one common share of the Corporation
("Common Share") and one-half of one Common Share purchase
warrant ("Warrant"). Each whole Warrant will expire 24
months from the closing date of the Offering, and will entitle the
holder to acquire one Common Share of the Corporation at a price of
$0.45 per Common Share. Closing of
the Offering is anticipated to occur on or about September 2, 2016. The securities issued pursuant
to the Offering will be subject to a four-month hold period under
applicable securities laws.
The proceeds of the Offering are expected to be used to fund the
completion of three (3) 900-meter diamond drill-holes (DDH) on
Uravan's 100% owned Outer Ring property, Athabasca Basin2, (map link).
Based on the results of the recently completed property-wide
ZTEM1 geophysical survey as disclosed in the
Corporation's press release dated August 2,
2016, specific drill-hole targeting is focused on the ORX
Anomaly (map link), an area measuring approximately 2 square
kilometers having the highest positive correlation with the ORX
(ZTEM) conductive system (map link). The drill program is scheduled
to commence in early September 2016.
Larry Lahusen, CEO for Uravan,
states, "The ORX Anomaly is a significant well-defined surface
geochemical signature that correlates positively with our recently
completed EM geophysical survey. The combination of coincident
geochemical and geophysical signatures provides focused drill
targets as opposed to drilling blind geophysical trends. The
ORX Anomaly has been identified as an anomalous surface geochemical
cluster supported by structure and an EM geophysical trend that can
now be evaluated cost-effectively, thereby reducing the number of
drill-holes to discovery".
Dr. Colin Dunn, P. Geo.,
technical advisor for Uravan, is the Qualified Person for the
purposes of NI 43-101 with respect to the technical information in
this press release. Dr. Colin Dunn,
an independent specialist in biogeochemistry, is working closely
with Uravan's technical group to advance the evaluation and
interpretation of surface geochemical data.
1The airborne natural source Z-Axis
Tipper Electromagnetic (ZTEM) system provides high resolution EM
data at depths >1500m and excellent resistivity discrimination
for detection of conductive basement anomalies and low-resistivity
signatures in the overlying sandstone.
2The Athabasca Basin is an ancient
(Paleoproterozoic) sandstone basin located in northern Saskatchewan, Canada. The Athabasca
Group sandstone and the underlying crystalline basement rocks host
high-grade uranium deposits, either at the sandstone-basement
unconformity (sandstone-hosted mineralization) or within the
underlying structurally disrupted crystalline basement lithologies
(basement-hosted mineralization). These unconformity-related
uranium deposits account for about 20 percent of the world's
natural uranium production. The ore grades are high, typically
grading 2% to 20% U308.
Uravan is a Calgary,
Alberta-based diversified mineral exploration company that
utilizes applied research to develop innovative exploration
technologies to identify buried uranium deposits in under-explored
areas. Our exploration focus in uranium is for potential high-grade
unconformity-related uranium deposits in the Athabasca Basin in Canada. Uravan is a
publicly listed company on the TSX Venture Exchange under the
trading symbol UVN. All of the Uravan's mineral properties are
considered to be in the exploration stage of
development.
This press release may contain forward looking statements
including those describing Uravan's future plans and the
expectations of management that a stated result or condition will
occur. Any statement addressing future events or conditions
necessarily involves inherent risk and uncertainty. Actual results
can differ materially from those anticipated by management at the
time of writing due to many factors, the majority of which are
beyond the control of Uravan and its management. In
particular, this news release contains forward-looking statements
pertaining, directly or indirectly, to the following: risks
associated with reasonable commercial efforts financing activities,
including the ability to raise sufficient funds, receipt of all
required regulatory and other approvals, securities and other
market conditions and economic factors, business and operations
strategies, future exploration and potential for mineral
deposits. Readers are cautioned that the foregoing list of
risk factors should not be construed as exhaustive. These
statements speak only as of the date of this release or as of the
date specified in the documents accompanying this release, as the
case may be. The Corporation undertakes no obligation to publicly
update or revise any forward-looking statements except as expressly
required by applicable securities laws.
Neither the 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 Uravan Minerals Inc.
