Blue Sky Uranium Corp.
TSX VENTURE : BSK
FRANKFURT : MAL

Blue Sky Uranium Corp.

March 05, 2008 17:14 ET

Blue Sky Uranium Corp. Announces $2 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2008) - Blue Sky Uranium Corp. (the "Company") (TSX VENTURE:BSK)(FRANKFURT:MAL)(WKN:AOMKXP) has entered into an agreement with Canaccord Capital Corporation ("Canaccord") whereby Canaccord will use its commercially reasonable efforts to complete a Brokered Private Placement of up to 4,545,454 Units to raise up to $2,000,000 at $0.44 per Unit. Each Unit consists of one common share in the capital of the Company (a "Share") and one-half of a transferable common share purchase warrant of the Company ("Warrant") exercisable for a period of 18 months from closing. Each whole Warrant will entitle the holder to acquire one additional Share at a price of $0.60 per share for a period of two years following the date of the closing of the private placement. The Warrants will be transferable and, subject to evidence of satisfactory distribution in accordance with the rules of the TSX Venture Exchange, will be listed and posted for trading on the Exchange.

Canaccord will receive a cash commission equal to eight percent (8%) of the gross proceeds of the sale of Units under the Private Placement and a corporate finance fee of $25,000 payable in cash or Units at the option of the Canaccord. In addition Canaccord will receive Agent's Warrants equal to eight percent (8%) of the Units sold under the Private Placement. Each Agent's Warrant shall be exercisable for one Agent's Unit for a period of 18 months from closing at $0.44 per share. Each Agent's Unit will consist of one Share and one half of a Warrant. These securities will be subject to a four-month hold period. These Agent's Warrants will be transferable and, subject to evidence of satisfactory distribution in accordance with the rules of the TSX Venture Exchange, will be listed and posted on the Exchange after the expiry of the four-month hold period. The Company has also agreed to pay to Canaccord an administration fee of $10,000 and all of the expenses incurred by Canaccord in connection with the Private Placement.

The net proceeds received by the Company will be used to fund on-going work programs on the Company's properties and for general working capital purposes.

ON BEHALF OF THE BOARD

Sean Hurd, President & CEO

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explor or mine. We advise U.S. Investors that the SEC's mining guidelines stricktly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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

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