Macusani Yellowcake Inc.

Macusani Yellowcake Inc.

May 07, 2007 10:50 ET

Macusani Yellowcake Inc. Closes Non-Brokered Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - May 7, 2007) - MACUSANI YELLOWCAKE INC. (the "Corporation"), a private Ontario Corporation, has completed a non-brokered private placement financing of 6,666,667 units at Cdn$0.75 per unit raising gross proceeds of Cdn$5,000,000.

Each unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of Cdn$1.00 at any time for 12 months from the time that the Corporation becomes a reporting issuer in the Province of Ontario.

The Corporation is a uranium exploration company and controls approximately 2,100 hectares of mineral properties located on the Macusani Plateau in the Puna District in southern Peru. The net proceeds from the offering will be used to explore the Corporation's uranium properties and for general working capital purposes. Finders' fees totaling Cdn$400,000 were paid in connection with this placement. Following the financing the Corporation will have 22,201,285 shares issued and outstanding and 28,872,592 fully diluted assuming all warrants and stock options are exercised.

The Corporation announced in a press release dated March 27, 2007, that it has signed a Letter of Intent to amalgamate with Silver Net Equities Corp., a Canadian Capital Pool Company listed on the TSX Venture Exchange.

Peter Hooper, President

FORWARD-LOOKING STATEMENT: Although Macusani Yellowcake Inc. believes many of its properties have promising potential; its properties are in the early stages of exploration. None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, any mineralization may be economically extracted.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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