|By Marketwired .||
|May 27, 2014 10:00 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/27/14 -- Athabasca Nuclear Corporation (TSX VENTURE: ASC) ("Athabasca Nuclear" or the "Corporation") reports that reflective of the market-based pricing for its listed common shares that the Corporation intends to amend the Non-Brokered private placement previously announced April 25, 2014. The revised terms for the non-brokered private placement offering will consist of up to 5,000,000 units (the "Units") at a revised price of $0.07 per unit for revised gross proceeds of up to $350,000 (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 revised exercise price of $0.105 per Common Share for a period of 24 months from closing of the Offering.
Insider participation continues to be expected at 25% or greater of the Offering.
The net proceeds of the Offering are expected to be used for exploration and 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 now expected to close on or before June 6, 2014.
In connection with the Offering, Athabasca Nuclear may pay up to a 7% finder's fee on the gross proceeds of the Offering. Finder's fees will not be paid with respect to subscriptions resulting from Insider participation.
Release of Interim Financial Statements
The Corporation further reports that it has filed its financial statements and MD&A for the period ended March 31, 2014, which are now available on SEDAR at www.sedar.com.
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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