Uranium North Resources Corp.
TSX VENTURE : UNR

Uranium North Resources Corp.

December 07, 2007 14:14 ET

Uranium North Announces Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Uranium North Resources Corp. (TSX VENTURE:UNR) announces that it intends to complete a non-brokered private placement to raise up to $1.5 million, through the sale of flow-through shares and non flow-through units, to finance exploration at the Company's projects in Canada and for general working capital.

The flow-through shares will comprise up to 1,818,182 shares at $0.55 per share (the "Flow-Through Shares").

The non flow-through units will comprise up to 1,041,667 units at $0.48 per unit (the "Units). Each Unit will consist of one common share and one-half share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one common share at a price of $0.60 for one year following the closing.

A cash finder's fee of 5% of the gross proceeds may be payable on a portion of the placement. Finders may also receive warrants (the "Finders Warrants") entitling them to purchase that number of non flow-through common shares which is equal to 7% of the number of Flow-Through Shares and/or Units sold by the Finders. The Finders Warrants will expire twelve months after the closing of the Offering. The exercise price for the Finders Warrants will be $0.60 per common share.

The Flow-Through Shares, the Units and the Finders Warrants will be subject to a hold period of four months plus one day from the closing of the Offering.

This private placement is subject to regulatory approval.

About Uranium North Resources

Uranium North is a junior mineral exploration company focused on uranium opportunities in Canada. The Company holds 100% interest in three million acres of property located within the most prospective basins in Canada. Uranium North is focusing on five key projects, one of which hosts a historical resource (non NI 43-101 compliant).

ON BEHALF OF THE BOARD OF DIRECTORS

Mark Kolebaba, President & CEO

Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

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

Contact Information