Ucore Uranium Inc.
TSX VENTURE : UCU

Ucore Uranium Inc.

March 20, 2009 09:49 ET

Ucore Uranium Inc. Announces Private Placement

HALIFAX, NOVA SCOTIA--(Marketwire - March 20, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Ucore Uranium Inc. (TSX VENTURE:UCU), ("Ucore" or the "Corporation") is pleased to announce that it has negotiated, subject to regulatory approval, a non-brokered private placement, consisting of up to 5,000,000 units at a price of $0.06 per unit. Each unit will consist of one common share and one-half warrant, with each whole warrant entitling the holder to purchase an additional common share at a price of $0.10 per share for a period of twenty-four months from the closing of the offering, which is anticipated to occur on or about March 27, 2009 and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange (the "Exchange").

The Corporation also wishes to advise that Insiders, as defined by the Exchange, will be participating for greater than 25% of the Private Placement.

The proceeds from the private placement will be used for working capital and to fund the exploration and development of Ucore's Bokan Mountain property.

Signed "Jim McKenzie"

Jim McKenzie, President

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

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

Contact Information

  • Ucore Uranium Inc.
    Mr. Jim McKenzie
    President and Chief Executive Officer
    902-482-5214