|By Marketwired .||
|April 25, 2014 08:00 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 04/25/14 -- Athabasca Nuclear Corporation (TSX VENTURE: ASC) ("Athabasca Nuclear" or the "Corporation") announces that it intends to conduct a non-brokered private placement offering of up to 5,000,000 units (the "Units") at a price of $0.10 per unit for gross proceeds of up to $500,000 (the "Offering"). Each Unit will consist of one common share of Athabasca Nuclear (the "Common Shares") and one Common Share purchase warrant (the "Warrants"), with each Warrant entitling the holder thereof to purchase one additional Common Share at a price of $0.15 per Common Share for a period of 24 months from closing of the Offering.
Insider participation is expected to be 25% or greater of the Offering.
The net proceeds of the Offering are expected to be used towards the drill program anticipated to resume in May at the Preston Uranium Project and for general corporate purposes.
The Units and underlying securities will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. The Offering is subject to certain conditions including the approval of the TSX Venture Exchange.
The Offering is expected to close on or before May 23, 2014.
In connection with the Offering, Athabasca Nuclear may pay up to a 7% finder's fee on the gross proceeds of the Offering.
About Athabasca Nuclear Corporation
Athabasca Nuclear Corporation (TSX VENTURE: ASC) is a junior uranium exploration company focused on the exploration and advancement of its significant uranium portfolio in Saskatchewan, Canada including the Preston Uranium Project, Patterson Lake East, Botham Lake, Parry Lake, Martin River, Karras River and Spring uranium projects. For more information on each of these projects, please visit www.AthabascaNuclear.com.
Athabasca Nuclear is the Operator of the Western Athabasca Syndicate, a group exploration effort of a 287,130 hectare (709,513 acre) package of uranium properties, known as the Preston Uranium Project, which is the largest land position along the highly prospective margin of the Western Athabasca Basin controlled by a single group.
Ryan Kalt, Chief Executive Officer
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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