Western Uranium Corporation

Western Uranium Corporation
Western Lithium USA Corporation

Western Lithium USA Corporation

July 08, 2008 18:05 ET

Western Uranium Corporation: Private Placement Completed by Western Lithium Canada Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2008) -


Western Uranium Corporation (TSX VENTURE:WUC) ("WUC") and Western Lithium Canada Corporation ("Western Lithium") are pleased to announce, further to WUC's news release dated May 22, 2008, that Western Lithium has completed its brokered private placement (the "Private Placement") of 16,220,000 common shares at a price of $0.50 per share for gross proceeds of $8,110,000.

Haywood Securities Inc. acted as the agent for the offering and received a cash commission of $283,850 and a financial services fee of $25,000 plus GST.

Proceeds of the offering will be used for exploration and development of the Western Lithium's mineral projects, for general working capital, and for repayment of a loan from WUC.

All securities issued pursuant to the Private Placement will be subject to a four month hold period from the date the common shares of Western Lithium are posted for trading on the TSX Venture Exchange (the "Exchange").

Completion of the previously announced statutory plan of arrangement between WUC and Western Lithium is subject to a number of conditions, the final condition being the listing of the shares of Western Lithium on the Exchange. Western Lithium has received conditional approval from the Exchange for the listing of its common shares which is also subject to a number of conditions. Western Lithium is working on meeting those conditions and it is intended that the listing of the Western Lithium shares on the Exchange will occur as soon as possible after the closing of the Private Placement. Share certificates for the Western Lithium shares are being delivered to shareholders of record as at Thursday, June 19, 2008 by the registrar and transfer agent for Western Lithium. WUC and Western Lithium will make further announcements to update their shareholders as to the status of the listing application.

This news release may contain certain forward-looking statements that reflect the current views and/or expectations of WUC or Western Lithium with respect to its respective performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary for a variety of reasons.

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.

On behalf of the Boards of Western Uranium Corporation & Western Lithium Canada Corporation

Pamela J. Klessig, President & CEO

Contact Information

  • Western Uranium Corporation and
    Western Lithium Canada Corporation
    Pamela Klessig, Chief Executive Officer
    (775) 827-3311