RE: stock up on heavy tradingWow, nice investor to bring in. Word must have been leaking about this investment. Now they just need to find some uranium.
Lumina Capital To Invest In Blue Sky Uranium
Oct 23, 2009 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
Blue Sky Uranium Corp. (TSX-V: BSK) ("Blue Sky" or the "Company") is pleased to announce that Lumina Capital Limited Partnership ("Lumina Capital"), led by Ross Beaty, will subscribe for approximately $1,000,000 of a $1,210,000 non brokered private placement in Blue Sky. The proceeds from this financing will be used to explore and develop the Company's uranium property portfolio in Argentina and for general working capital requirements.
The financing consists of 5.5 million units, at a price of $0.22 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each share purchase warrant will entitle the holder to purchase one common share at a price of $0.30 for a period of two years. Upon the closing of the financing, Lumina Capital will own approximately 12% of the fully diluted shares of the Company and will retain the right to maintain its percentage interest in Blue Sky through proportionate investments in future financings. Directors and Officers of Blue Sky may participate in a portion of the financing. A finder's fee may be paid on a portion of the financing. The financing is subject to regulatory approval and the shares will be subject to a four month resale restriction.
"We are very pleased to have Lumina Capital take an initial ownership interest in Blue Sky. In particular, we are pleased to have access to such a high profile and successful team. Lumina Capital's track record speaks for itself and Blue Sky is looking forward to working with the Lumina Capital team and to its continued support," said Mr. Sean Hurd, President & C.E.O.
The Company's exploration focus is to aggressively advance the ANIT uranium project and identify other uranium targets in the region. On its 100% owned ANIT project in Rio Negro Province, Argentina, Blue Sky has, using pit sampling and airborne radiometric survey programs, defined a paleochannel/lake system over a strike length of 15 kilometers. Within the defined system, the Company has focused its exploration work, to date, on two zones, the ANIT West and Central Zones with a combined strike length of 6 kilometers.
The pit sampling program at the ANIT West and Central Zones comprised 123 pits of which 83 pits encountered mineralization. The average grade of the samples taken from the 83 pits over the 6 kilometer strike length was 0.045% U3O8 (379 ppm U) and 475 ppm V with an average recorded mineralized interval of 1.7 meters from surface. Of the 83 pits, 60% bottomed in mineralization and remain open to depth. The best mineralized interval, encountered to date, averages 0.84% U3O8 and 0.20% vanadium (V) over a 3 metre vertical thickness from surface and remains open to depth. Individual pit samples have returned grades up to 2.12% U3O8 over a 0.5 meter vertical interval (see September 19, 2009 press release). Based upon the results of the initial exploration programs, Blue
Sky is planning to initiate a comprehensive drilling program to test the depth extensions of the observed paleochannel system.
The Company believes that the ANIT anomaly may be a paleochannel- or surficial-type uranium occurrence similar in style to known deposits in Western Australia (Lake Maitland NI 43-101 compliant inferred resource of 23.7 million lbs U3O8 at an average grade of 0.03% U3O8) and in Namibia (Langer Heinrich deposit with Measured and Indicated Resources of 56.4Mt grading 0.06% containing 72.4 million pounds lbs of U3O8 and Inferred Resources of 70.7Mt grading 0.06% containing 91.6 million lbs of U3O8).
The technical information contained in this release has been prepared by Bruce Smith, AusIMM, Blue Sky Uranium Exploration Manager and a Qualified Person as defined by National Instrument 43-101.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is an exploration and development company dedicated to identifying, exploring and developing uranium projects in the Patagonia region of Argentina. The Company is lead by a management and technical team with extensive experience and relationships in South America, particularly Argentina. Blue Sky is a member of the Grosso Group, a resource management group with over 15 years experience in exploring South America.
ON BEHALF OF THE BOARD