HALIFAX, NOVA SCOTIA--(Marketwire - June 3, 2010) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Ucore Uranium Inc. (TSX VENTURE:UCU), ("Ucore" or the "Company") is pleased to announce that it has arranged a brokered private placement of units for gross proceeds of up to $4,000,000 at
.22 per unit. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant gives the holder the right to purchase one common share at an exercise price of
.30 for a period of 24 months. The Offering will be led by Pope & Company Limited (the "Agent").
The net proceeds of the financing will be used to advance exploration on the Company's properties, focusing on the Company's Bokan Mountain property, and for general working capital.
The financing is scheduled to close on or about June 22, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange ("TSX-V").
The Company intends to pay a commission of 7.0% of the gross proceeds and issue brokers' warrants equal to 7.0% of the aggregate number of units issued by the Company pursuant to the financing. Each brokers' warrant gives the holder the right to purchase one common share at an exercise price of
.22 for a period of 24 months from the Closing Date, in accordance with the policies of the TSX-V.
Ucore Uranium Inc. is a junior exploration company focused on establishing REE and uranium resources through exploration and property acquisition. Ucore's primary focus is the Rare Earth One operated Bokan Mountain rare earth element and uranium project. The project is located on the southern part of the Prince of Wales Island in southeastern Alaska, with excellent deep water access and proximity to major sea and rail shipping routes across North America and to Asia.
