Athabasca Announces Close of First Tranche of Private Placement

Athabasca Uranium Inc. (TSXV:UAX) reports its closure of its first Tranche of private placement.

The press release is quoted as saying:

The Company is pleased to announce that it has closed the first tranche of the Offering and has issued 6,477,391 FT Units for gross proceeds of $1,489,800 of which 5,217,391 FT Units for proceeds of $1,200,000 were purchased by the MineralFields Group.  Each whole Warrant issued entitles the holder thereof to purchase one Share at a price of $0.35per Share until December 6, 2011. The Company will renounce an amount equal to the gross proceeds derived from the sale of the FT Units to the purchasers thereof in accordance with the provisions of the Income Tax Act (Canada).   All securities issued in the closing of the first tranche will be subject to a hold period which expires April 7, 2011.

Click here to access the entire news release.