Uracan Expands Private Placement To $6.7 Million
Jan 18, 2011
Vancouver, BC, Canada - Uracan Resources Ltd. ("Uracan" or the "Company") is pleased to report that, further to the news release announcement of December 24, 2010, the Company has closed on an additional 2,000,000 units at 25 cents per unit for incremental proceeds of $500,000 subject to final approval from the TSX Venture Exchange. This brings the total gross proceeds to $6,727,490.
Each 25 cent unit consists of one common share and one common share purchase warrant. Each warrant entitles the warrant holder to purchase one common share of the Company at a price of 40 cents per share until January 18, 2013.
Proceeds will be used for working capital. The securities issued in connection with this incremental private placement will be subject to a four month hold period expiring on May 19, 2011.
Uracan Resources Ltd. is a uranium exploration company, exploring for near or at-surface, bulk tonnage style uranium mineralization in Canada. Uracan is led by a team of proven exploration and mine entrepreneurs and mine-builders.
For further information please contact:
Gregg J. Sedun
Chairman & CEO