URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

June 14, 2007 18:02 ET

URSA Major Minerals Announces Closing of Private Placement Financing for $3.8 Million

TORONTO, ONTARIO--(Marketwire - June 14, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY U.S. NEWS WIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES.

URSA Major Minerals Incorporated (URSA Major) (TSX VENTURE:UMJ) is pleased to announce that it has closed the private placement of units and flow through shares that was previously announced on May 25, 2007. Cormark Securities Inc. acted as sole agent in this private placement. URSA Major's offering consisted of 3,000,000 units at a price of C$1.05 per unit, and 500,000 flow through shares at a price of C$1.30 per share, for aggregate gross proceeds of C$3,800,000. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share for a period of eighteen months following the closing at a price of $1.40 per share. After the closing of the private placement financing, URSA Major has a total of 30,469,056 common shares outstanding.

In addition, as announced on May 25, 2007, URSA Major anticipates the closing of an additional private placement of 384,615 flow through common shares at a price of C$1.30 share for gross proceeds of $500,000 on June 15, 2007.

The proceeds of both financings will be used to advance development of the feasibility stage Shakespeare nickel-copper deposit and exploration at the Shining Tree deposit and Worthington Bell property, all in northern Ontario, and for working capital purposes.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production.

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

Contact Information

  • URSA Major Minerals Incorporated
    Richard Sutcliffe, Ph.D., P.Geo.
    President & CEO
    (416) 864-0615
    (416) 864-0620 (FAX)
    or
    URSA Major Minerals Incorporated
    Chris Chadder, C.A.
    CFO
    (416) 864-0615
    (416) 864-0620 (FAX)
    Email: info@ursamajorminerals.com
    Website: www.ursamajorminerals.com
    or
    URSA Major Minerals Incorporated
    Gus Garisto
    Investor Relations
    Cell: (416) 805-3106