Yellowjacket Announces Private Placement
Cranbrook, British Columbia CANADA, April 30, 2013 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), ("Yellowjacket") announces a non-brokered private placement offering (the "Offering"). Yellowjacket intends to issue up to 5,000,000 Units at a price of $0.12 per Unit, to raise gross proceeds of up to $600,000. Each Unit will consist of one common share and one half share purchase warrant. Each whole warrant will entitle the holder to purchase one common share in the capital of the Company for a period of eighteen months from the date of closing at a price of $0.20 per share.
There warrants will be subject to an accelerator clause whereby the Company may require exercise of the Warrant if the Company's stock price trades at or above a volume weighted average of $0.30 for a period of more than 10 consecutive trading days (the "Acceleration Event"). The Warrants, if unexercised after the Acceleration Event, will expire upon 30 days from the date of notice in writing to the Warrant holder by way of issuing a news release.
The Offering is subject to the acceptance of the TSX-Venture Exchange. The Company may pay finder's fees in cash and/or securities of the Company in respect of the Offering. All securities issued to purchasers and finders under the Offering will be subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the Exchange.
The proceeds of the Offering will be used for the exploration and development of the Company's Saskatchewan uranium projects, and for general working capital.
Patterson Lake Area Claims
Yellowjacket is the largest mineral claim holder in the Patterson Lake area and currently controls 391,142 acres of uranium exploration claims along the southwest margin of the Athabasca Basin. The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the exploration results of Alpha Minerals Inc. and Fission Energy Corp.
Yellowjacket's Patterson Lake South Claim Group consists of two separate exploration projects: the Preston Lake claims and the Patterson East claims. The Preston Lake claims are centered approximately 26 kilometers southeast of the Patterson Lake uranium discovery area and are directly contiguous to claims held by Fission Energy Corp. The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the Patterson Lake South discovery being advanced by Fission Energy Corp. and Alpha Minerals Inc. through to the former Cluff Lake mine, (> 60M lbs of U3O8 produced). The highway also passes through the nearby UEX-Areva Shea Creek discoveries which are approximately 50 km to the north and are currently under active exploration and development. Extensive in size, the acquired claim package is contiguous to numerous regional operators including Fission Energy Corp., NexGen Energy Ltd. and Forum Uranium Corp.
The Patterson East claims are located approximately 40 kilometers east of Fission Energy Corp.'s Patterson Lake claims and are contiguous with lands currently held by Areva Resources Canada Ltd and NexGen Energy Ltd.
About Yellowjacket Resources
Yellowjacket Resources Ltd. is a junior exploration company created in December 2011 by way of plan of arrangement and spin-out from Eagle Plains Resources Ltd. (TSX-V:EPL). The company is focused on exploration of its Saskatchewan uranium projects.
The Company also controls the Yellowjacket Gold Project; a gold exploration property located approx. 9 km east of Atlin, British Columbia and accessible by an all-season road. The Yellowjacket Gold Project holds a British Columbia Mines Act permit for an open-pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings.
Signed,
"Charles C. Downie"
President and CEO
Yellowjacket Resources Ltd.
For further information, please contact
Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@yellowjacketresources.com
or visit our websites at
http://www.yellowjacketresources.com
and
http://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/yellowjacket04302013.pdf
Source: Yellowjacket Resources Ltd. (TSX-V: YJK) http://www.yellowjacketresources.com
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