Western Uranium Corporation
TSX VENTURE : WUC

Western Uranium Corporation

March 13, 2007 13:54 ET

Western Uranium Corporation Closes $20 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 13, 2007) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Western Uranium Corporation (the "Company") (TSX VENTURE:WUC) is pleased to announce that it has completed a bought deal private placement financing of 5,300,000 common shares (the "Common Shares") at a price of $3.80 per Common Share for gross proceeds of $20,140,000.

Haywood Securities Inc. acted as the underwriter for the offering and received a cash commission of $1,094,400 and 288,000 underwriter's warrants (the "Underwriter's Warrants"). Each Underwriter's Warrant will entitle Haywood to acquire one Common Share at an exercise price of $4.25 per Common Share for a period of twelve months.

The Company further announces that it will not be proceeding with the non-brokered portion of the private placement announced on February 25, 2007.

Proceeds of the offering will be used to fund ongoing exploration on the Company's uranium properties in Nevada, New Mexico and the Thelon Basin in Nunavut and the Northwest Territories. All securities issued pursuant to the private placement will have a four month hold period expiring on July 14, 2007.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

Western Uranium Corporation is a mineral exploration company with a focus on uranium. The Company has exploration properties in Kings Valley, Nevada, Treeline, New Mexico and in the Thelon Basin, Nunavut and the Northwest Territories. The Company has its head office in Vancouver, Canada; and its executive management team is based in Reno, Nevada.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved of the contents of this press release.

Contact Information

  • Western Uranium Corporation
    Pamela Klessig
    Chief Executive Officer
    (775) 827-3311