Macusani Yellowcake Completes $4.5 Million Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 11/05/10 -- Macusani Yellowcake Inc. (the 'Company') (TSX VENTURE: YEL)(FRANKFURT: QG1) announced today that it has completed its previously announced brokered private placement through M Partners Inc. raising aggregate gross proceeds of C$4,502,500. Due to demand, the offering was increased from the original C$3.0 million sought.
The Company issued and sold 18,010,000 units (the 'Units') at a price of C$0.25 per Unit, with each Unit consisting of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable to acquire one common share in the capital of the Company at a price of C$0.35 until November 4, 2012. All securities issued in the private placement are subject to a 4-month hold period in Canada. The placement remains subject to final TSX Venture Exchange approval.
In connection with the placement, the Company paid aggregate cash commissions and work fees of C$313,325 and issued 1,263,300 compensation options. Each compensation option entitles the holder to purchase one Unit at a price of C$0.25 until November 4, 2012.
Net proceeds of the offering will be used to fund further exploration of the Company's properties on the Macusani Plateau, Peru, and for working capital and general corporate purposes.
About Macusani Yellowcake
Macusani Yellowcake Inc. is a Canadian uranium exploration company with over 24,000 hectares (240 km2) of mineral properties in south-eastern Peru, on the Macusani Plateau. The shares are traded on the TSX Venture Exchange under the symbol 'YEL' and on the Frankfurt Exchange under the symbol 'QG1'.
There are 77,891,284 common shares of Macusani Yellowcake Inc. outstanding.
Neither the 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.
Contacts:
Macusani Yellowcake Inc.
Peter Hooper
President
(416) 360-3402
peter@macyel.com
www.macyel.com