Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (1458)	6/6/2013 6:30:51 PM
From: Goose94	Respond to of 202684

Athabasca Nuclear (ASC-V) closes private placement for $442,080 June 6, 2013 - News Release Athabasca Nuclear Corp. (formerly Yellowjacket Resources Ltd.) has closed the equity financing announced on April 30, 2013, for gross proceeds of $442,080. "As evidenced by our recent share price, we are pleased that the market is starting to recognize our Preston Lake project in the Patterson Lake South uranium district. Combined with the private placement, our treasury now fully funds our planned exploration program this summer. Given the recent trading price of our shares and as our exploration program is now fully funded, we are pleased to close this financing to ensure that our capital raise is done in the least dilutive and most shareholder-friendly manner for Athabasca Nuclear's current and incoming shareholders," stated Chuck Downie, PGeo, president and chief executive officer of Athabasca Nuclear. The private placement comprised two tranches, the first being $310,160 as announced May 30, 2012, and a second tranche of $138,000 closing in conjunction with this news release. The private placement was composed of units priced at 12 cents per unit, which consisted of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder 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 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 uranium 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 triuranium octoxide over 10.5 metres at a second zone of three zones of mineralization discovered on the property along an 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 (more than 60,000 pounds of U3O8 produced). The highway also passes through the nearby UEX-Areva Shea Creek discoveries, which are approximately 50 km 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. Historical lake sediment sampling on the Patterson East property has returned uranium values in the six- to nine-part-per-million range. 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 Ltd., and the Spring project, which adjoins claims controlled by Forum Uranium and Cameco Corp. We seek Safe Harbor.