Vancouver, British Columbia: Western Uranium Corporation, (the “Company”) is pleased to announce that it has completed a brokered private placement offering of 6,060,000 units (the “Units”) at a price of $1.10 per Unit for gross proceeds of $6,666,000. Each Unit consists of one common share and one-half of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire an additional common share for a period of 12 months at a price of $1.50. If after 4 months from the closing of the private placement the Company’s common shares close on the TSX Venture Exchange above $2.00 for 20 consecutive trading days the Company will have the right to accelerate the expiry date of the Warrants to a date that is 30 days from the date the Company gives notice to the holders of such early expiry.
Haywood Securities Inc. acted as agent for the offering and received a cash commission equal to 6.0% of the gross proceeds of the offering and compensation warrants which will entitle Haywood to acquire, for a period of twelve months, that number of common shares as is equal to 6.0% of the number of Units sold under the offering at an exercise price of $1.29 per share.
Proceeds of the offering will be used for exploration and development of the Company’s mineral projects and for general working capital. All securities issued pursuant to the private placement will have a four month hold period expiring on March 2, 2007
Signed:
“John Proust”
John Proust, Director
For further information contact:
Western Uranium Corporation
John Proust, Director
Telephone: 604-669-6446
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved of the contents of this press release.
Western Uranium Corporation is a mineral exploration company with a focus on uranium. The Company has exploration properties in Kings Valley, Nevada, Treeline, New Mexico and the Thelon Basin in the Northwest Territories. The Company has its head office in Vancouver, Canada; and its executive management team is based in Reno, Nevada.
This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States or to U.S. Persons Securities Act of 1933, as amended (the “US Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward-looking statements: This document may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company’s capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
