cnw


/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES/


TSXV: UAX

OTCQX: ATURF


VANCOUVER, March 14 /CNW/ - Athabasca Uranium Inc. ("Athabasca" or the "Company") is pleased to announce that it has
closed its private placement of units of the Company (the "Offering")
for aggregate gross proceeds of $2,878,629, oversubscribed above the
original announced $2.5 million (see press release dated February 23,
2011).


The Company has closed the Offering and has issued 2,041,714 NFT Units
and 5,694,814 FT Units for aggregate gross proceeds of $2,878,629, of
which 2,894,736 FT Units for proceeds of $1,100,000 were purchased by
the MineralFields Group. Each whole NFT Warrant issued entitles the
holder thereof to purchase one Share at a price of $0.45 per Share
until March 11, 2013. Each whole FT Warrant issued entitles the holder
thereof to purchase one Share at a price of $0.50 per Share until March
11, 2012. The Company will renounce an amount equal to the gross
proceeds derived from the sale of the FT Units to the purchasers
thereof in accordance with the provisions of the Income Tax Act (Canada).


UAX President & CEO Gil Schneider commented: "We are extremely pleased
to close this financing, and laud our subscribers, especially
Mineralfields Group, for standing by us and providing us the funds to
finish our exploration program - especially considering the perceived
negativity for the nuclear industry around the recent events in Japan."


The Company paid Limited Market Dealer Inc. ("LMD") a cash commission
equal to 5% of the proceeds of the sale of FT Units by LMD (being
$55,000) and issued to LMD finder's compensation options (the "Finder's
Options") equal to 10% of the number of FT Units sold by LMD (being
289,473 Finder's Options). Each Agent's Option entitles LMD to
purchase a unit (an "Agent's Unit") at an exercise price of $0.38 per
Agent's Unit until March 11, 2012. Each Agent's Unit is comprised of
one Share and one hundredth (1/100) of a non-transferable share
purchase warrant (an "Agent's Warrant"). Each whole Agent's Warrant
entitles LMD to purchase one additional Share at the price of $0.50
until March 11, 2012.


The Company also paid certain finders (the "Finders") a cash commission
equal to 7% of the proceeds of the sale of NFT Units and FT Units by
such Finder and issued finder's compensation warrants (the "Finder's
Warrants") equal to 10% of the number of NFT Units and FT Units sold by
such Finder. Each Finder's Warrant entitles a Finder to purchase a
Share (a "Finder's Warrant Share") at an exercise price of $0.45 per
Finder's Warrant Share until March 11, 2012. The Company paid a total
of $118,235.57 in cash commissions and issued 289,473 Finder's Warrants
as follows: $3,497.90 and 13,150 Finder's Warrants to Haywood
Securities Inc.; $2,128 and 8,000 Finder's Warrants to PI Financial
Corp.; $3,325 and 12,500 Finder's Warrants to Macquarie Private Wealth
Inc.; $53,200 and 200,000 Finder's Warrants to Secutor Capital
Management Corporation; $53,634.67 and 215,629 Finder's Warrants to
Canaccord Genuity Corp; and $2,450 and 10,000 Finder's Warrants to
Raymond James Ltd.


All securities issued in the Offering will be subject to a hold period
which expires July 12, 2011. Proceeds of the Offering will be used to
fund exploration programs on the Company's prospective uranium
properties located in the Athabasca Basin in Saskatchewan and for
general working capital and corporate purposes.


About MineralFields, Pathway and First Canadian Securities (R)


MineralFields Group (a division of Pathway Asset Management), based in
Toronto, Vancouver, Montreal and Calgary, is a mining fund with
significant assets under administration that offers its tax-advantaged
super flow-through limited partnerships to investors throughout Canada
as well as hard-dollar resource limited partnerships to investors
throughout the world. Pathway Asset Management also specializes in the
manufacturing and distribution of structured products and mutual funds
(including the Pathway Multi Series Fund Inc. corporate-class mutual
fund series). Information about MineralFields Group is available at
technology to become a world-class uranium mining company. Additional
information on Athabasca Uranium and its vision is available on the
Company's website at
Company expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.


Neither TSX Venture Exchange nor its Regulations Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.




For further information: please contact the Company: Toll-Free: (866) 869-8072 E-mail: thanas@athabascauranium.com