VANCOUVER, Sept. 16, 2011 /PRNewswire/ - CanAlaska
Uranium Ltd. (TSX - CVV) ("CanAlaska" or the "Company") has
arranged with Secutor Capital Management Corporation and Industrial
Alliance Securities Corporation (together, the "Agents") for a
brokered private placement for up to 3,150,000 units (the "Units")
at a price of $0.69 per Unit for
gross proceeds of up to $2,173,500
(the "Offering").
Each Unit consists of one common share of the
Company to be issued as a "flow-through share" (a "Flow-Through
Share") within the meaning of the Income Tax Act
(Canada) (the "Tax Act") and
one-half of one common share purchase warrant (each whole warrant,
a "Warrant"). Each whole Warrant will entitle the holder to acquire
a common share of the Company at a price of $0.83 per common share for a period of 18 months
following the closing of the Offering. The Company shall
renounce to the purchasers of the Units the amount of Qualifying
Canadian Exploration Expenditures equal to the aggregate issue
price of the Flow Through Shares.
The Company will pay the Agents an aggregate
cash commission equal to 7% of the gross proceeds raised in respect
of the Offering and issue to the Agents an aggregate number of
non-transferrable broker warrants to acquire that number of common
shares of the Company equal to 7% of the total number of Units
sold, exercisable at a price of $0.69
for a period of 18 months following closing of the Offering.
The Company intends to use the funds raised for
exploration programs on property located in the Provinces of
Manitoba and Saskatchewan, Canada. Such exploration
expenditures on the properties will constitute "Canadian
exploration expenses" and "flow through mining expenditures", as
defined in the Tax Act. The Offering is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and stock exchange approvals. All securities
to be issued under the Offering will be subject to a four-month
statutory hold period in Canada.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV - TSX) (CVVUF -
OTCBB) (DH7N - Frankfurt) is
undertaking uranium exploration in twenty one uranium projects in
Canada's Athabasca Basin -- the "Saudi Arabia of Uranium". Since
September 2004, the Company has
aggressively acquired one of the largest land positions in the
region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq.
miles). To-date, CanAlaska has expended over Cdn$75 million exploring its properties and has
delineated multiple uranium targets.
For more information visit www.canalaska.com
On behalf of the Board of Directors
(signed)
Peter Dasler,
M.Sc., P.Geo., President & CEO,
CanAlaska Uranium Ltd.
The TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release: CUSIP#
13708P 10 2. This news release contains certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the British Columbia Securities Commission and the
United States Securities & Exchange Commission.
SOURCE CanAlaska Uranium Ltd.
