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CALGARY, May 9, 2016 /CNW/ – Uravan Minerals Inc. (“Uravan” or the “Corporation“) is pleased to announce that it has closed the first tranche of a non-brokered private placement by issuing 670,000 common shares (the “Shares”). The Shares of the Corporation were issued on a “CEE flow-through” basis pursuant to the Income Tax Act (Canada) (“Flow-Through Shares“) at a price of $0.15 per Flow-Through Share for aggregate gross proceeds of $100,500(the “Offering“). The securities issued pursuant to the Offering are subject to a four month hold period under applicable securities laws.
The second tranche of the private placement, announced April 29, 2016, is expected to close on or about May 12, 2016.
Proceeds of the Offering will be used by Uravan to finance a property-wide helicopter-borne electromagnetic (EM) geophysical survey over the Outer Ring project, Athabasca Basin,Northern Saskatchewan. The survey will be completed using Geotech Ltd.’s natural source Z-Axis Tipper Electromagnetic (ZTEM™) system. Geotech’s ZTEM™ system is considered ideal for imaging basement conductors where the unconformity depths are greater than 800 m.
Uravan Minerals Inc. Athabasca Basin: Claims, corridors, and Uranium Mines/Deposits
The ZTEM™ geophysical survey is the next requirement to advance the Outer Ring project for drill targeting. The main area of focus is a discrete southwest-trending corridor of anomalous concentrations of radiogenic 207Pb/206Pb ratios (<0.60) occurring in the clay-size fraction from soils (ORX Anomaly).
Uravan Minerals Inc. Athabasca Basin, Outer Ring Property, Anomolous Samples over Residual MAG
Larry Lahusen, CEO for Uravan, states, “Our experience tells us that the occurrence of tightly-patterned surface anomalies, consisting of radiogenic 207Pb/206Pb ratios in soil clay-size fraction and other supporting pathfinder elements, quickly defines highly prospective areas for the potential occurrence of uranium mineralization at depth. When these anomalous surface trends are supported by basement EM conductive signatures, drill targeting is immediate. Contingent on positive results from the ZTEM™ survey, a late summer drill program to test the ORX anomaly is anticipated”.
Uravan Outer Ring Project
Read our last update on “Uravan Outer Ring project: ZTEM™ survey in Athabasca Basin”
Read the press release “Uravan Announces Closing of First Tranche of Private Placement”