Yellowjacket Resources (YJK-V) gets shareholder OK for name change to Athabasca Nuclear (ASC-V)
May 30, 2013 - News Release
Athabasca Nuclear Corp. (Yellowjacket Resources Ltd.) received over 99-per-cent shareholder approval of all matters at its annual and special meeting, held May 29, 2013. Among the items approved was a name change from Yellowjacket Resources to Athabasca Nuclear, subject to regulatory approval. In addition, the Athabasca board approved the appointment of Ryan Kalt, LLM, MBA, to the position of chairman of the board. Mr. Kalt has resigned from the audit committee, replaced by Tim Termuende, PGeo, who was also re-elected as a director.
"The name change to Athabasca Nuclear Corp. reflects our belief in our large portfolio of Saskatchewan uranium projects. We control one of the largest and most strategic land positions along the southwest margin of the Athabasca basin. Our flagship projects, the Preston Lake and Patterson East, cover approximately 350,000 acres in the area of the recent Alpha Minerals and Fission Uranium Patterson Lake South (PLS) uranium discovery. Our five other projects, Botham Lake, Karras River, Martin River, Parry Lake and Spring, are located either along the south-central margin of the basin or in the northwest margin near Athabasca Lake. Our projects are contiguous with properties controlled by Fission Uranium(, Cameco, Areva Resources Canada, NexGen Energy, Lakeland Resources, Skyharbour Resources, Aldrin Resources, Noka Resources, Zadar Ventures and Forum Uranium. We have access to an excellent uranium exploration team through Terralogic Exploration Inc. who have been working in the Athabasca basin since 2005 using many of the same techniques that led to the Patterson Lake South discovery," stated president/chief executive officer Chuck Downie.
The name change will become effective upon delivery of filed articles of amendment to the TSX Venture Exchange for its final approval.
In addition, Athabasca Nuclear is pleased to announce that, further to its news release of April 30, 2013, the company has completed the first tranche of a non-brokered private placement of 2,584,667 units at 12 cents per unit, raising a total of $310,160. The company is pleased to further report that its recently appointed chairman Mr. Kalt subscribed for 1.6 million units in the first tranche thereby increasing Athabasca Nuclear's already-strong insider-shareholder alignment. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder thereof to acquire one additional common share at a price of 18 cents per share for a period of 18 months from closing of the offering. The company has received interest in additional financing amounts and anticipates that it will complete a second tranche of the aforementioned non-brokered private placement shortly. The securities are subject to a four-month hold period as required under applicable securities laws. Finders' fees were paid to qualified agents and dealers.
The proceeds from the offering will be used for mineral exploration and development of the company's exploration properties located in Saskatchewan, and for general working capital purposes.
Patterson Lake area claims
Athabasca Nuclear is the largest mineral claimholder in the Patterson Lake area and currently controls 391,142 acres of uranium exploration claims along the southwest margin of the Athabasca basin. The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the exploration results of Alpha Minerals Inc. and Fission Uranium Corp. Alpha and Fission recently released assay results of 29.26 per cent U3O8 (triuranium octoxide) over 10.5 metres at a second zone of three zones of mineralization discovered on the property along an EM (electromagnetic) conductor. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on Athabasca Nuclear properties.
Athabasca's Patterson Lake area tenure consists of two separate exploration projects: the Preston Lake and the Patterson East. The 206,728-acre Preston Lake project is centred approximately 26 kilometres southeast of the Patterson Lake South uranium discovery area and is directly contiguous to claims held by Fission Uranium. The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the Patterson Lake South discovery being advanced by Fission Uranium and Alpha Minerals through to the former Cluff Lake mine (greater than 60 million pounds of U3O8 produced). The highway also passes through the nearby UEX-Areva Shea Creek discoveries, which are approximately 50 kilometres to the north, and are currently under active exploration and development. Extensive in size, the acquired claim package is contiguous to numerous regional operators including Fission Uranium, NexGen Energy Ltd. and Forum Uranium Corp.
The Patterson East claims are located approximately 40 kilometres east of the Patterson Lake South discovery and are contiguous with lands currently held by Areva Resources Canada Ltd. and NexGen Energy. Historic lake sediment sampling on the Patterson East property has returned uranium values in the range of six to nine parts per million.
In addition to the Patterson Lake area tenures, Athabasca controls five other projects in the Athabasca basin including the Parry Lake project, which is contiguous to claims recently optioned by Zadar Ventures, and the Spring project, which adjoins claims controlled by Forum Uranium and Cameco Corp.
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Director Ryan Kalt increases holdings to 22.3%
May 30, 2013
During the period of May 26, 2012, to June 4, 2012, Ryan Kalt completed open market purchases through the facilities of the TSX Venture Exchange to acquire beneficial ownership of 403,500 common shares in the capital of Athabasca Nuclear Corp. (formerly Yellowjacket Resources Ltd.). On June 6, 2012, Mr. Kalt was granted stock options entitling him to acquire 400,000 common shares, which options, should they be exercised, together with Mr. Kalt's open market purchases, represent approximately 1.98 per cent of the issued and outstanding common shares as at May 25, 2012.
As of May 30, 2013, Mr. Kalt acquired beneficial ownership of 1.6 million units in the capital of Athabasca Nuclear through a private placement offering as announced in the Athabasca Nuclear (then Yellowjacket) press release dated April 30, 2013. Each unit consisted of one common share and one-half of a common share purchase warrant, and were purchased at a price of 12 cents per unit. Each warrant entitles Mr. Kalt to acquire one common share for a period of 18 months. The 1.6 million common shares forming part of the units acquired represent approximately 3.95 per cent of the issued and outstanding common shares as at May 26, 2013.
Collectively, Mr. Kalt has, since May 25, 2012, purchased 2,003,500 common shares. As a result, Mr. Kalt currently holds 9,625,167 common shares, representing approximately 22.3 per cent of the currently issued and outstanding common shares (or 17,491,834 common shares assuming all warrants and stock options held by Mr. Kalt are exercised and converted into common shares).
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