Bearclaw Capital Corp.
TSX VENTURE : BRL

Bearclaw Capital Corp.

July 13, 2007 18:39 ET

Bearclaw Announces Closing of Acquisition of Prospective Uranium Properties and Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2007) - Bearclaw Capital Corp. (TSX VENTURE:BRL) is pleased to announce the closing of the acquisition of a 100% interest in six prospective uranium properties, comprising 358 claims, in the Wakeham basin on the St. Lawrence Lower North Shore in Quebec, and of the $1,500,000 private placement for units consisting of one common share and one-half of one warrant.

Bearclaw paid the vendors a total of $350,000 and issued a total of 2,000,000 common shares to the vendors for the properties. In addition, Bearclaw granted to the vendors a 3% royalty, payable upon the beginning of commercial exploitation of any uranium deposits on the properties, and a 2% net smelter return, payable upon the beginning of commercial exploitation of any mineral deposits other than uranium on the properties. Bearclaw paid a finder's fee of $15,000 and 200,000 common shares in connection with the acquisition.

Bearclaw issued a total of 3,756,742 units pursuant to the private placement, made up of 3,756,742 common shares and 1,878,371 warrants. 76.2 % of the units were issued for a purchase price of $0.35 per unit and the remaining 23.8 % of the units were issued for $0.56 per unit. Bearclaw paid commissions totalling $92,899 in connection with the private placement.

All securities issued in connection with the acquisition and the private placement are subject to hold periods that expire on November 14, 2007.

This news release may contain forward-looking statements. Known and unknown risks and uncertainties may cause actual events or results to materially differ from those expressed or implied by any such forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bearclaw Capital Corp.
    John B. Ross
    President
    (604) 263-5147