UNOR Inc.
TSX VENTURE : UNI

UNOR Inc.

January 16, 2008 15:41 ET

UNOR Announces Cameco Financing

TORONTO, ONTARIO--(Marketwire - Jan. 16, 2007) - UNOR Inc. (TSX VENTURE:UNI) announces that further to its announcement of December 28, 2007, that it had arranged a non-brokered private placement of 8.6 million flow-through units at a price of $0.25 per unit for total gross proceeds of $2.15 million. Cameco Corporation has advised that it will exercise its right of participation to maintain its 19.5% ownership of the Company. Therefore, UNOR will issue by private placement 2,083,230 non flow-through units at a price of $0.205 per unit to Cameco Corporation for net proceeds of $437,062.15. Each unit will consist of one non flow-through share and one-half of a common share purchase warrant. Each whole share purchase warrant will be exercisable for one additional (non flow-through) common share of UNOR until December 28, 2009 at a price of $0.35 per share.

The proceeds of this private placement will be used for exploration and general working capital purposes.

UNOR Inc. with its head office in Toronto, Ontario is a uranium exploration company with its principal mineral properties in Nunavut. UNOR's shares trade on the TSX Venture Exchange: UNI and Over-The-Counter in the United States: UNOFF. All of the company's uranium claims are located in Nunavut, Canada. Nunavut was created April 1, 1999 as a result of the Nunavut Land Claim Agreement and is the only jurisdiction in Canada that has settled its native land claim issues. In June 2006, Cameco Corporation acquired 19.5% of UNOR and the Strategic Alliance and the Joint Technical Committee agreements between the companies provides to UNOR ongoing uranium technical knowledge, guidance and exploration opportunities.

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.

Contact Information

  • UNOR Inc.
    George Bell
    President & CEO
    (416) 368-0114
    or
    UNOR Inc.
    Tom Devlin
    Corporate Secretary
    (416) 368-0114