CanAlaska Announces Second Tranche Closing of Private Placement

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Vancouver, Canada, August 16, 2019 — CanAlaska Uranium Ltd. (TSX-V: CVV; Frankfurt: DH7N) (the “Company”) announces that it has now completed the second and final tranche (the “Second Tranche”) of its non-brokered private placement (the “Offering”) previously announced on June 25, 2019.  Under the Second Tranche, the Company has issued 695,000 flow-through units for gross proceeds of $222,400 and 155,000 non flow-through units for gross proceeds of $42,625.  In connection with the Second Tranche, the Company paid a total of $14,829 and issued a total of 47,100 warrants as finder’s fees ($12,000 and 37,500 warrants to Haywood Securities Inc.; $1,485 and 5,400 warrants to Odlum Brown Limited; and $1,344 and 4,200 warrants to Raymond James Ltd.).  Each finder’s warrant is exercisable for one common share at a price of $0.60 for five years.  All securities issued under this private placement are subject to a hold period expiring December 16, 2019 in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

Together with the first tranche closing announced July 18, 2019, the Company has now raised a total of $417,525 ($347,400 from the sale of flow-through units and $70,125 from the sale of non-flow-through units).

About CanAlaska Uranium 

CanAlaska Uranium Ltd. (TSX-V: CVV; Frankfurt: DH7N) holds interests in approximately 152,000 hectares (375,000 acres), in Canada’s Athabasca Basin – the “Saudi Arabia of Uranium.”  CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company’s properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds.

For further information visit www.canalaska.com.

On behalf of the Board of Directors

“Peter Dasler”

Peter Dasler, P. Geo.,  President & CEO

Neither 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.

Forward-looking information

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 control. Readers should not place undue reliance on 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.