CanAlaska Uranium Announces $2,173,500 Brokered Financing
VANCOUVER, Sept. 16, 2011 /PRNewswire/ – CanAlaska Uranium Ltd. (TSX – CVV) (“CanAlaska” or the “Company”) has arranged with Secutor Capital
Management Corporation and Industrial Alliance Securities Corporation
(together, the “Agents”) for a brokered private placement for up to
3,150,000 units (the “Units”) at a price of $0.69 per Unit for gross
proceeds of up to $2,173,500 (the “Offering”).
Each Unit consists of one common share of the Company to be issued as a
“flow-through share” (a “Flow-Through Share”) within the meaning of the
Income Tax Act (Canada) (the “Tax Act”) and one-half of one common share purchase
warrant (each whole warrant, a “Warrant”). Each whole Warrant will
entitle the holder to acquire a common share of the Company at a price
of $0.83 per common share for a period of 18 months following the
closing of the Offering. The Company shall renounce to the purchasers
of the Units the amount of Qualifying Canadian Exploration Expenditures
equal to the aggregate issue price of the Flow Through Shares.
The Company will pay the Agents an aggregate cash commission equal to 7%
of the gross proceeds raised in respect of the Offering and issue to
the Agents an aggregate number of non-transferrable broker warrants to
acquire that number of common shares of the Company equal to 7% of the
total number of Units sold, exercisable at a price of $0.69 for a
period of 18 months following closing of the Offering.
The Company intends to use the funds raised for exploration programs on
property located in the Provinces of Manitoba and Saskatchewan,
Canada. Such exploration expenditures on the properties will
constitute “Canadian exploration expenses” and “flow through mining
expenditures”, as defined in the Tax Act. The Offering is subject to
certain conditions including, but not limited to, the receipt of all
necessary regulatory and stock exchange approvals. All securities to be
issued under the Offering will be subject to a four-month statutory
hold period in Canada.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV – TSX) (CVVUF – OTCBB) (DH7N – Frankfurt) is undertaking uranium exploration in twenty one uranium projects in
Canada’s Athabasca Basin — the “Saudi Arabia of Uranium”. Since
September 2004, the Company has aggressively acquired one of the
largest land positions in the region, comprising over 2,500,000 acres
(10,117 sq. km or 3,906 sq. miles). To-date, CanAlaska has expended
over Cdn$75 million exploring its properties and has delineated
multiple uranium targets.
For more information visit www.canalaska.com
On behalf of the Board of Directors
Peter Dasler, M.Sc., P.Geo., President & CEO,
CanAlaska Uranium Ltd.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release: CUSIP# 13708P 10 2. This news
release contains certain “Forward-Looking Statements” within the
meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical
fact, included herein are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company’s expectations are disclosed in the
Company’s documents filed from time to time with the British Columbia
Securities Commission and the United States Securities & Exchange
SOURCE CanAlaska Uranium Ltd.