VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Uranium North Resources Corp. (TSX VENTURE:UNR) (the "Company") announces effective February 8, 2011 it has closed the brokered private placement with its agent, BayFront Capital Partners Ltd. (the "Agent") for the sale of 6,423,685 flow-through shares ("Flow-Through Shares") at a price of $0.38 per Flow-Through Share for gross proceeds of $2,441,000 and 18,530,000 units ("Units") at a price of $0.30 per Unit for gross proceeds of $5,559,000. Included in the issuance was the Agent's fully exercised over allotment option of $4,000,000.
Each Unit is comprised of one common share and one-half of one share purchase warrant ("Warrants"). Each whole Warrant entitles the holder to purchase one common share for a period of 18 months at a price of $0.38 per share for the first 12 months of the term and $0.45 per share for the remainder of the term.
The Agent and members of its selling group were paid aggregate cash commissions of $450,000 and were also issued 1,418,274 warrants (the "Brokers' Warrants"), each Brokers' Warrant entitling the holder to purchase one Unit for a period of 18 months at a price of $0.30 per Brokers' Warrant.
The Flow-Through Shares, Units and Brokers' Warrants are subject to a statutory hold period expiring on June 9, 2011.
The Company intends to use the gross proceeds of the Flow-Through Shares for Canadian mineral exploration purposes and the net proceeds of the Units for mineral exploration and working capital.
About Uranium North
Uranium North Resources Corp. owns 100% interest in four drill ready gold/silver/copper projects and one gold/silver project. The company also owns four uranium projects including the Amer Lake project which contains a 19.3 million pound uranium resource.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba, President and CEO
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."