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August 07, 2007 Uranium North Announces Flow-Through Financing
VANCOUVER, August 7, 2007 -- Uranium North Resources Corp. (TSX-V: UNR) announces that it intends to complete a non-brokered private placement financing of up to 3,750,000 flow-through shares at a price of $0.80 per share.
A cash finder's fee of 5% of the gross proceeds may be payable on a portion of the placement. Finders may also receive warrants (the "Finders Warrants") entitling them to purchase that number of non flow-through common shares which is equal to 7% of the number of Flow-Through Shares sold by the Finders. The Finders Warrants will expire eighteen months after the closing of the Offering. The exercise price for the Finders Warrants will be $0.80 per common share.
The Flow-Through Shares and the Finders Warrants will be subject to a hold period of four months plus one day from the closing of the Offering.
The proceeds of the financing will be used for the development of the Company's projects in Canada.
This private placement is subject to regulatory approval.
About Uranium North Resources
Uranium North is a junior mineral exploration company focused on uranium opportunities in Canada. The Company holds 100% interest in three million acres of property located within the most prospective basins in Canada. Uranium North is focusing on five key projects, one of which hosts a historical resource (non NI 43-101 compliant).
Renmark Financial Communications Inc.
Barbara Komorowski :
Tel.: (514) 939-3989
Fax: (514) 939-3717 www.renmarkfinancial.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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