/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TSXV: UAX
US Symbol: ATURF
VANCOUVER,
Jan. 31, 2013 /CNW/ - Athabasca
Uranium Inc. ("Athabasca" or the "Company") is
pleased to announce that it has entered into an engagement letter
regarding a brokered private placement for aggregate gross proceeds
of up to $3,000,000 (the
"Offering"), and the appointment of Kim Goheen to its Board of Directors.
Brokered Private Placement
The Offering will be conducted on a best efforts
basis and co-led by MGI Securities Inc. and D&D Securities Inc.
(together the "Lead Agents"). The Offering is comprised of
up to 18,750,000 flow through shares (the "FT Shares") at a
price of $0.12 per FT Share for gross
proceeds of up to $2,250,000 and up
to 7,500,000 non-flow through units (the "NFT Units") at a
price of $0.10 per NFT Unit for gross
proceeds of $750,000. Each FT
Share will be designated as a flow-through share pursuant to the
Income Tax Act (Canada). Each NFT Unit will consist of
one common share and one half of one common share purchase warrant
(a "Warrant"), each whole Warrant entitling the holder to
purchase one additional common share at a price of $0.16 per share for a period of one year from the
closing of the Offering. The Offering is also subject to a
15% over-allotment option to be exercised by the Lead Agents at
anytime up to 30 days following Closing.
The proceeds from the Offering will be used to
fund the Company's exploration program at its prospective uranium
properties located in the Athabasca Basin region of northern
Saskatchewan and for general
working capital and corporate purposes.
Closing of the Offering is subject to a number
of conditions, including receipt of all necessary corporate and
regulatory approvals, including that of the TSX Venture
Exchange. Closing is expected to occur on or about
February 28, 2013. All
securities issued in connection with the Offering will be subject
to a statutory hold period of four months plus a day from the date
of issuance in accordance with applicable securities
legislation.
Appointment to the Board
The Company is pleased to announce the
appointment of Kim Goheen, MBA, CMA,
ICD.D to its Board of Directors, effective immediately.
Mr. Goheen's business career spans over 30
years, with extensive experience in major publicly listed companies
in both the mining and oil and gas sectors, including the uranium
industry. Prior to retiring in 2011, he was the Senior
Vice-President and Chief Financial Officer of Cameco Corporation,
one of the world's largest uranium producers. At Cameco, he
led in establishing the financial platform that supported its
growth plans and in building its formidable position of financial
strength.
As Senior Vice-President at Cameco, Mr. Goheen
played a key role in overseeing Cameco's investment in Bruce Power
and in determining and implementing Cameco's plans for its future
with the partnership. Bruce Power is a private partnership that
operates four nuclear power reactors in Ontario. Mr. Goheen also served as a Director
of Centerra Gold, a company controlled by Cameco. He directed
the creation and listing of Centerra in 2004, with a market
capitalization in excess of $1
billion and oversaw its evolution as a public company.
Its market capitalization at the time of Cameco's exit in
December 2009 was approximately
$2.4 billion.
On his appointment Mr. Goheen commented: "The
outlook for nuclear energy continues to
improve and I look forward to helping UAX grow
in the highly prolific Athabasca
Basin."
Gil Schneider,
Athabasca CEO commented: "We are very excited at Kim's decision to
move up to our Board from our Advisory Committee. He brings a
wealth of direct uranium experience to the Company, and we feel his
joining us on the Board is a re-affirmation of his strong
endorsement of the Company's vision. We look forward to
continuing to capitalize on his considerable experience in the
uranium field."
Mr. Goheen's appointment follows the resignation
from the Athabasca board of
long-time director Mr. Steven
Bruk. The Company wishes to thank Mr. Bruk for his
dedicated service to the Company through its early development.
About Athabasca Uranium
Athabasca Uranium Inc. is a uranium exploration
and development company exploring an aggregate of over 60,000
hectares strategically located in the uranium-rich Athabasca Basin region of northeast
Saskatchewan. The Company's
stated vision is to explore the region using leading-edge
technology to become a world-class uranium mining company.
Additional information on Athabasca Uranium and its vision is
available on the Company's website at www.athabascauranium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Gil Schneider"
Gil Schneider,
President & CEO
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
FORWARD LOOKING STATEMENTS: This press
release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Forward-looking statements are based on the
beliefs, estimates and opinions of the Company's management on the
date such statements were made. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Neither TSX Venture Exchange nor its
Regulations Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Athabasca Uranium Inc.