VANCOUVER, July 23 /PRNewswire-FirstCall/ - CanAlaska Uranium Ltd. (the 'Company') wishes to announce a non-brokered flow-through private placement of up to 6,000,000 units at a purchase price of $0.17 per unit for gross proceeds of up to $1,020,000. Each unit will consist of one common share or one flow-through common share in the capital of the Company and one-half of one non-transferable share purchase warrant (the 'Warrant'), each whole Warrant entitling the holder thereof to purchase one additional common share (the 'Warrant Share') of the Company for a period of twenty-four months from the Closing Date at a price of $0.24 per Warrant Share. Of the 6,000,000 unit offering, 4,411,764 are being subscribed to by MineralFields Group.
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantage super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world.
'We are very pleased to be continuing our relationship with MineralFields Group' said Mr. Dasler, President and CEO. 'CanAlaska is growing, and we look forward to working with MineralFields Group as we continue to develop our holdings in the Athabasca region in Canada.
The proceeds from the private placement received from the sale of the units will be used for qualified Canadian Exploration Expenses on the Company's Uranium projects in the Athabasca region of Saskatchewan. Finder's fees may be payable of up to 5% in cash and shares and up to 5% of warrants or units. The foregoing is subject to regulatory approval.
About CanAlaska Uranium Ltd. -- www.canalaska.com
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 -- Frankfurt) is undertaking uranium exploration in twenty 100%-owned and two optioned uranium projects in Canada's Athabasca Basin. 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).
