Clive Johnson Increases His Ownership of Uracan
Jan 27, 2016
CLIVE JOHNSON INCREASES HIS OWNERSHIP OF URACAN
Vancouver, Canada (January 27, 2016) - Uracan Resources Ltd. (TSX.V:URC) ("Uracan" or the "Company") has been advised that on January 26, 2016, Clive Johnson, Chairman and Director of the Company, acquired ownership and control over 500,000 common shares of the Company representing 0.69% of the issued and outstanding common shares of the Company.
After this acquisition, Mr. Johnson now owns in aggregate 13,091,033 common shares, representing 18.19% of the current issued and outstanding common shares of the Company, 790,000 options representing 18.61% of the outstanding options and would own 13,881,033 common shares, representing 19.08% of the then-issued and outstanding common shares of the Company on a partially diluted basis, assuming exercise of all convertible securities held by Mr. Johnson.
Mr. Johnson acquired the securities for investment purposes and has no present intention to acquire further securities of the Company, although he may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
A copy of the early warning report relating to the above holdings will be available under the Company's profile on SEDAR at www.sedar.com.
About Uracan Resources
Uracan Resources Ltd. (TSX.V:URC, OTC:URCFF) is a Canadian-based exploration company focused on exploring for uranium deposits in Saskatchewan and Quebec, Canada. In early 2013, Uracan signed an agreement with UEX Corporation, whereby Uracan acquired the option to earn from UEX a 60% participating interest in the Black Lake Property along the northern margin of the Athabasca Basin. UEX currently holds an 89.99% interest in the Black Lake Project with AREVA Resources Canada Inc. ("AREVA") holding the remaining 10.01% interest.
In July 2014, Uracan signed an agreement with Forum Uranium whereby Uracan can acquire up to a 70% interest in the Clearwater Property near the southwestern margin of the Athabasca Basin, immediately adjacent to Fission Uranium's Patterson Lake South discovery. Forum is the 100% owner of the Clearwater Property.
Uracan continues to review additional opportunities worldwide to capitalize on management's exploration and financing capabilities.
ON BEHALF OF URACAN RESOURCES LTD.
President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
President and CEO
Uracan Resources Ltd.
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