Uravan Minerals Inc.

Uravan Minerals Inc.

September 28, 2011 20:57 ET

Uravan Announces Completion of Flow-Through Private Placement

CALGARY, ALBERTA--(Marketwire - Sept. 28, 2011) -


Uravan Minerals Inc. ("Uravan" or the "Corporation") (TSX VENTURE:UVN) is pleased to announce that it has closed a non-brokered private placement (the "Offering") by issuing 3,100,066 units ("Units") at a price of $0.15 per Unit for gross proceeds of $465,009.90.

Each Unit consists of one common share ("Common Share") issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one non-flow-through share purchase warrant ("Warrant") of the Corporation. Each Warrant will expire on September 27, 2013 and will entitle the holder to acquire one Common Share of the Corporation at a price of $0.20 per share for the first year following the closing date of the Offering and $0.25 per share for the period beginning 12 months from the closing date until 24 months from the closing date of the Offering.

With respect to subscriptions for 2,433,332 of the Units issued pursuant to the Offering, the Corporation paid a cash finder's fee of $21,900 and issued 194,666 finder's options ("Finder's Options"). Each Finder's Option is exercisable into a finder's unit ("Finder's Unit") consisting of one Common Share and one Warrant. Each Warrant entitles the holder to purchase one additional Common Share on the same terms and conditions as the Warrants issued under the Offering.

The Common Shares and Warrants issued pursuant to the Offering are subject to a four month hold period under applicable securities laws, which hold period expires on January 28, 2012.

Proceeds of the Offering will be used by the Corporation to finance potential uranium opportunities.

Uravan is a Calgary Alberta based diversified mineral exploration company that utilizes applied research to develop new innovative exploration technologies to identify buried uranium, rare earth elements (REE) and nickel-copper-platinum group element (Ni-Cu- PGE) deposits in under-explored areas. Our exploration focus in uranium is for potential high-grade unconformity-related uranium deposits in the Athabasca and Thelon Basins in Canada and other basin environments globally. Uravan is expanding its acquisition efforts toward REE geological domains in North America and other specific areas globally. The REE and uranium mineralization occur in related geological environments thereby complementing Uravan's uranium exploration efforts with a strategy to add diversification to its portfolio. Further, Uravan is pursuing the exploration of its advanced stage Rottenstone Ni-Cu-PGE project supported by the development of new drill targets defined by recent geophysical re-interpretation. Uravan is a publicly listed company on the TSX Venture Exchange under the trading symbol "UVN". All of the mineral properties Uravan owns are considered in the exploration stage of development.

This press release may contain forward looking statements including those describing Uravan's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Uravan and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the use of proceeds of the Offering. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

The Common Shares and Warrants offered have not been and will not be 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 requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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