ESO Uranium Corp.
TSX VENTURE : ESO

ESO Uranium Corp.

December 11, 2006 13:26 ET

ESO Uranium Completes $6.9 M Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 11, 2006) - ESO Uranium Corp. (TSX VENTURE:ESO) ("the Company") announced that it has completed the sale of 11,500,000 units at a price of C$0.60 per unit, each unit (a "Unit") consisting of one common share and one transferable share purchase warrant (a "Warrant"). Each Warrant is exercisable at C$0.75 per share for 24 months, subject to an exercise acceleration provision triggered by the closing price of the shares at $1.15 or higher for 30 consecutive trading days.

Union Securities Ltd. ("Union") of Toronto, Ontario, acted as lead agent for the offering. The Company paid cash commissions equal to 7% of the sale price of the Units and issued 1,150,000 Agent's Compensation Options. Each Agent's Compensation Option entitles the holder to purchase one Unit at a price of $0.60 per Unit for a period of 24 months. The Company has also agreed to pay cash commissions equal to 3% of the proceeds received upon exercise of the Warrants.

The proceeds of the financing will be used to conduct further exploration of the Company's mineral properties in northern Saskatchewan and for general working capital. All securities are subject to a four month hold period.

The Company also announced the grant of 860,000 options under the incentive stock option plan to certain directors, officers, employees and consultants. The options are exercisable at price of $0.60 per share for a period of five years.

On behalf of the Board of Directors of ESO Uranium Corp.

Jonathan George, President & CEO

Please bookmark the ESO (www.esouranium.com) website and navigate to Projects, sub-scroll, Uranium Projects, left-scroll Athabasca Project for ongoing company geo-technical developments, updated on an ongoing basis.

Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs and operation plans. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

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

Contact Information

  • ESO Uranium Corp.
    Tom Corcoran &/or Robert Meister
    Corporate Communications
    (604) 629-0293 or North America Toll Free: 1-866-629-8368
    (604) 684-9365 (FAX)
    Email: info@esouranium.com
    Website: www.esouranium.com