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Vancouver, Canada, February 22, 2017 -- CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N), (the "Company") is pleased to announce that, subject to regulatory approval, it intends to raise up to $1,120,000 by way of a non-brokered private placement of up to 2,000,000 units ("Units") at a price of $0.56/Unit. Each Unit will consist of one common share and one-half (½) of one share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at $0.80/share for a three year period; provided that after the four month hold period expires, if for 10 consecutive days the closing price of the Company's shares on the TSX-V exceeds $1.25, then the Company may anytime thereafter accelerate the expiry date of the Warrants to the date that is 30 days following the date on which the Company issues notice to all the Warrant holders of the new expiry date. The Company will also issue a press release on the same date as it issues notice confirming the new expiry date of the Warrants.
The Company may pay a finder's fee consisting of cash and warrants to eligible finders as permitted under applicable securities laws and TSX-V policies. All securities issued in connection with this offering will be subject to a Canadian hold period expiring four months from the date of issuance of such securities. Net proceeds will be used for acquisitions, and uranium and other mineral exploration in Saskatchewan, Manitoba and Alberta, as well as for general corporate purposes.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 500,000 hectares (1.2 million acres), one of the largest land positions in Canada's Athabasca Basin region -- the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies Cameco, Denison, KORES, and KEPCO. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. For further information visit www.canalaska.com.
behalf of the Board of Directors
Peter Dasler, P. Geo.,
President & CEO
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
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All statements included in this press release that address
activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. These forward-looking statements
involve numerous assumptions made by the Company based on its
experience, perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. In addition, these statements
involve substantial known and unknown risks and uncertainties
that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will
prove inaccurate, certain of which are beyond the Company's
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forward-looking statements. Except as required by law, the
Company does not intend to revise or update these
forward-looking statements after the date hereof or revise them
to reflect the occurrence of future unanticipated events.