UNOR Inc.
TSX VENTURE : UNI

UNOR Inc.

September 28, 2007 12:26 ET

UNOR Announces Financing

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2007) - UNOR Inc. (TSX VENTURE:UNI) announces that further to its announcement of September 24, 2007, that it has arranged a non-brokered private placement of up to 4.3 million flow-through units at a price of $0.35 per unit for total gross proceeds of up to $1.5 million, Cameco Corporation has advised that it will exercise its right of participation to maintain its 19.5% ownership of the Company. Therefore, UNOR Inc. will issue by private placement up to 1,038,154 non flow through units at a price of $0.30 per unit to Cameco Corporation for gross proceeds of up to $311,446.20. 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 for a period of 24 months from the closing date of the private placement at a price of $0.45 per share.

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

UNOR Inc. with its head office in Toronto, Ontario is a uranium exploration and development 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 a Strategic Alliance Agreement 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