Uranerz Energy Corporation
OTC Bulletin Board : URNZ
FRANKFURT : U9E

Uranerz Energy Corporation

June 05, 2006 09:30 ET

Uranerz Energy Corporation: Financing Closed; Management Appointments

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 5, 2006) - Uranerz Energy Corporation ("Uranerz") (OTCBB:URNZ)(FWB:U9E) is pleased to announce that it has closed a private placement of 2,142,200 units at a price of $1.75 per unit for net proceeds of $3,607,397. Each unit is comprised of one share of the Corporation's common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional share of Uranerz common stock until May 19, 2007 at an exercise price of $2.25 per share. A commission is also payable, a portion of which will be paid in units in the amount of 52,266 units. In aggregate the Company will issue a total of 2,194,466 shares of common stock and 1,097,233 warrants. The Company now has just under $12 million in its treasury.

Uranerz Energy also wishes to announce the appointment of Mr. Ben Leboe as its Chief Financial Officer.

Mr. Ben Leboe was a senior consultant, management consulting of the Business Development Bank of Canada, from January 2005 to February 2006. Previously, Mr. Leboe was president, secretary, treasurer, principal financial and accounting officer and a director of Asia Payment Systems Inc., a United States and Hong Kong based company engaged in payment processing services and related applications from June 1998 to January 2005. Concurrently, from January 2003 to January 2005, Mr. Leboe was the chief financial officer of C-Chip Technologies Inc. (now Manaris Corporation), a Montreal based corporation developing high-tech products and services for security and risk mitigation activities. Manaris Corporation and Asia Payment Systems Inc. are public corporations whose shares trade on the OTC Bulletin Board.

Mr. Leboe has been the principal of Independent Management Consultants of British Columbia from 1990 to date. Concurrently, Mr. Leboe was previously vice-president and chief financial officer of VECW Industries Ltd. from 1990 to 1993, and a partner of KPMG Consulting from 1978 to 1990.

Mr. Leboe received his bachelor of commerce degree from the University of British Columbia. Mr. Leboe is a chartered accountant and a certified management consultant in the Province of British Columbia.

Uranerz Energy Corporation is a natural resource company engaged in the acquisition, exploration and development of properties in the uranium sector. The Company's goal is to produce uranium. The Company has an experienced team of mining executives, many of whom are former senior management and employees of the original Uranerz Exploration and Mining group of companies. This team has direct experience in licensing, designing, constructing and operating several separate in-situ leach uranium mines. The Company also has an Advisory Board that consists entirely of ex-Uranerz Exploration and Mining professionals. Uranerz Exploration and Mining was acquired by Cameco, the world's largest primary uranium producer, in 1998.

Currently, Uranerz has uranium properties in Wyoming (USA), Saskatchewan (Canada) and Mongolia. The Canadian and Mongolian uranium properties are in the exploration stage, and Uranerz has joint ventured these projects to other companies to minimize Uranerz Energy's exploration risk. The Wyoming uranium properties are advanced, and the Company has initiated environmental licensing and mine planning for the development of two of these projects, with the possibility of adding a third property in the near future.

ON BEHALF OF THE BOARD

Glenn Catchpole, President and CEO

This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are:

(i) the inability of the Company to complete the acquisition of any interest in any new mineral exploration properties;

(ii) the inability of the Company to achieve the financing required to pursue the acquisition of exploration of any new mineral properties;

(iii) the inability of the Company to raise the financing necessary to conduct exploration or development of its properties; and

(iv) the lack of presence of commercial mineralization on its properties.

Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

Contact Information

  • Uranerz Energy Corporation
    Glenn Catchpole
    President and CEO
    (604) 689-1659
    (604) 689-1722 (FAX)
    www.uranerz.com