Ucore Uranium Inc. Announces Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
March 20, 2009 – Ucore Uranium Inc. (TSX-V: UCU), (“Ucore” or the “Corporation”) is pleased to announce that it has negotiated, subject to regulatory and Board approval, a non-brokered private placement, consisting of up to 5,000,000 units at a price of $0.06 per unit. Each unit will consist of one common share and one whole warrant, with each warrant entitling the holder to purchase an additional common share at a price of $0.10 per share for a period of twenty-four months from the closing of the offering, which is anticipated to occur on or about March 27, 2009 and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange (the “Exchange”).
The Corporation also wishes to advise that Insiders, as defined by the Exchange, will be participating for greater than 25% of the Private Placement.
The proceeds from the private placement will be used for working capital and to fund the exploration and development of Ucore’s Bokan Mountain property.
For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Uranium Inc. at: (902) 482-5214.
Signed “Jim McKenzie”
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 Corporation expects, are forward looking statements. Although the Corporation 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.