Northern Uranium Closes First Tranche of Financing

Northern Uranium Inc. (TSXV:UNO) has closed the first tranche of its previously announced private placement valued at $600,000. The placement consisted of $500,000 in flow through shares at $0.10 per share and $100,000 of non-flow-through units also at $0.10. The company is looking to complete the second tranche of the financing in roughly a month.

According to the company’s press release:

The proceeds from this financing will be used to commence the Company’s summer drill program at our flagship Maguire Lake project.  Exceptionally anomalous radon results combined with geophysical surveys including magnetic, electromagnetic, induced polarization and gravity surveys and the results of extensive prospecting which has located boulders containing up to 66% U₃O₈ have identified 39 high priority land targets and 7 high priority and 5 medium priority lake targets.  The upcoming drill program will commence testing the high priority land based targets.

Chad Ulansky, Northern Uranium’s President and CEO commented:

We are looking forward to our drill program testing targets generated from the culmination of nearly $10 million dollars worth of exploration on our claim blocks.  The results to date support the presence of high grade mineralization within the Maguire Lake area.

Click here to view the full press release.