UNOR Inc.
TSX VENTURE : UNI

UNOR Inc.

November 29, 2006 16:14 ET

UNOR Closes Cameco Private Placement

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - UNOR Inc. (TSX VENTURE:UNI), today closed with Cameco Corporation a non-brokered private placement of 1,178,963 flow-through common shares at a price of $0.52 per flow-through share for gross proceeds of $613,060.76.

The flow-through shares issued are subject to a four month hold period, which expires March 30, 2007. After giving effect to this share issuance, UNOR has 123,517,307 issued and outstanding common shares, of which Cameco holds 19.5%. In June 2006, Cameco and UNOR entered into a Strategic Alliance Agreement under which Cameco has the right to participate in any UNOR equity issue. The flow-through shares issued to Cameco were issued as a result of Cameco exercising its right of participation.

The proceeds of this private placement will be used by UNOR to fund part of its uranium exploration program on 1,144,000 acres in western Nunavut, Canada which include its whollyowned 226 mineral claims, its UNAD Joint Venture 41 mineral claims and its Cameco Optioned 205 mineral claims.

UNOR Inc. was its head office in Toronto, Ontario is a uranium exploration and development company with its principal mineral properties in western Nunavut. UNOR's shares trade on the TSX Venture Exchange.

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer. The company's uranium products are used to generate electricity in nuclear plants around the world, providing one of the cleanest sources of energy available today. Cameco's shares trade on the Toronto and New York stock exchanges.

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.

Contact Information

  • UNOR Inc.
    George P. Bell
    President & CEO
    (416) 368-0114
    (416) 368-0198 (FAX)
    or
    UNOR Inc.
    Tom Devlin
    Secretary & Controller
    (416) 368-0114
    (416) 368-0198 (FAX)
    Website: www.unorinc.com