UNOR Inc.
TSX VENTURE : UNI

UNOR Inc.

October 04, 2007 17:04 ET

UNOR Closes Financing

TORONTO, ONTARIO--(Marketwire - Oct. 4, 2007) - UNOR Inc. (TSX VENTURE:UNI) announces that it has closed a non-brokered private placement of 4,285,714 flow-through units at a price of $0.35 per unit for total gross proceeds of $1,500,000. Each unit consists of one flow-through share and one-half of a common share purchase warrant. UNOR has paid a finder's fee of 7.0% of the gross proceeds received and has issued compensation options equal to 10.0% of the number of units sold, which compensation options will entitle the holders to purchase (non flow-through) common shares of Unor for a period of 24 months from the closing date at a price of $0.35 per share. The proceeds of this non-brokered private placement flow-through financing will be used for continued exploration of UNOR's uranium properties located in Nunavut.

Cameco Corporation has exercised its right of participation to maintain its 19.5% ownership of UNOR. Therefore, the company has issued by private placement 1,038,154 non flow-through units at a price of $0.30 per unit to Cameco for net proceeds of $311,446.20. Each unit consists of one non flow-through share and one-half of a common share purchase warrant. The proceeds of this private placement will be used for general working capital purposes.

The above mentioned flow-through and non flow-through shares issued are subject to a four month hold period, which expires February 5, 2008. After giving effect to these share issuances, UNOR has 128,841,175 issued and outstanding shares.

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.

UNOR Inc. with its head office in Toronto, Ontario is a uranium exploration and development company with its uranium properties in Nunavut. 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 has maintained the percentage. The Strategic Alliance Agreement and the Joint Technical Agreement between Cameco and UNOR 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