Strathmore Minerals Corp.
TSX VENTURE : STM

Strathmore Minerals Corp.

April 11, 2006 18:21 ET

Strathmore Prices Flow-Through and Common Share Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 11, 2006) -

Not for distribution to U.S. Newswire Service or for Dissemination in the United States

Strathmore Minerals Corp. (the "Company") (TSX VENTURE:STM) is pleased to announce that it has priced its flow-through common share financing at $3.30 per flow-through common share for gross proceeds of $6,105,000, and its common share financing at $2.55 per unit for gross proceeds of $3,506,250 with each unit consisting of one common share and one-half of one common share purchase warrant for aggregate proceeds of $9,611,250. Each whole common share purchase warrant will entitle the holder to acquire one common share of the Company for a period of 18 months following the closing date of the financing at a price of $3.25. The Agents have an option exercisable until closing to increase the size of the common share financing by another 225,000 units for gross proceeds of $573,750 for total aggregate proceeds including the option of $10,185,000. The financing was conducted through a syndicate of agents led by National Bank Financial Inc. and including Raymond James Ltd. and Canaccord Adams. The offering is scheduled to close on or before April 27, 2006 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals to the transaction.

Gross proceeds from the offering will be used to fund development work on the Company's Athabasca Basin properties, to advance permitting on its U.S. assets and for general corporate purposes.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer of securities for sale in the United States or Canada or the solicitation of an offer to buy securities in the United States or Canada, nor shall there be any sale of the securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful.

Strathmore Minerals Corporation is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. The Company acquires previously discovered but not yet mined uranium resources and positions itself in areas well known for uranium production. With one of the largest exploration land packages in the prolific Athabasca Basin along with additional holdings in the United States, Canada and Peru, Strathmore has established a solid portfolio of projects that offer investors high leverage to future rising uranium prices.

This news release may contain forward-looking statements. 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.

Contact Information

  • Strathmore Minerals Corp.
    Mr. Dev Randhawa
    Chairman & CEO
    (250) 868-8445