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CanAlaska Uranium Ltd set for C$638,000 raise

Net proceeds will also be used for acquisitions and, or general corporate purposes, the resource company said..
CanAlaska Uranium Ltd set for C$638,000 raise
The resource firm unveiled details of a small fundraise

CanAlaska Uranium Ltd (CVE:CVV, OTCQB: CVVUF) told investors it plans to raise up to C$638,000 via a placing to fund uranium, nickel and, or, other exploration in Saskatchewan, Manitoba and Alberta.

Net proceeds will also be used for acquisitions and, or general corporate purposes, the resource company said.

It will issue up to 1.2mln flow-through units at 39 cents per flow-through unit and up to 500,000 units at 34 cents per unit.

Each flow-through unit consists of one flow-through share and one-half a share purchase warrant, while each unit comprises one share and one-half share purchase warrant.

Each whole warrant consists of part of the flow-through units and units will entitle the holder to acquire one share at C$0.51 per share for two years with various conditions.

The company may then accelerate the expiry date of the warrants to a new date, which is ten days following the date on which the company issues notice to all the warrant holders of the new expiry date.

Canalaska holds interests in around 102,870 hectares (254,000 acres), in Canada's Athabasca Basin region, which has been dubbed the "Saudi Arabia of Uranium."

The company also holds properties prospective for nickel, copper, gold and diamonds.

On Friday last week, Canalaska updated on partner Cameco's summer work plans at the 36,000 hectare West McArthur uranium project, which includes borehole EM (electromagnetics) surveys.

Cameco has a three-year programme at the 5km long Grid 5 target area.

Work so far has been focused around the northeastern part of what's called the C 10 corridor, where several ground-defined conductive responses of varying strength were identified.

The EM survey is aimed at explaining, locating the conductor and better interpret the location of the fault.

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