VANCOUVER, Sept. 11, 2014 /CNW/ - Uracan Resources Ltd. (TSX.V:URC, OTC:URCFF) ("Uracan" or the "Company") has been advised that on September 5, 2014, Clive Johnson, Chairman and Director of the Company, acquired ownership and control over 295,000 common shares of the Company representing 0.65% of the issued and outstanding common shares of the Company.
Pursuant to this acquisition, Mr. Johnson owns in aggregate 3,617,700 common shares, representing 7.93% of the current issued and outstanding common shares of the Company, 790,000 options representing 17.95% of the outstanding options and 500,000 warrants representing 10.19% of the outstanding warrants and would own 4,907,700 common shares, representing 10.46% of the then-issued and outstanding common shares of the Company on a partially diluted basis, assuming exercise of all convertible securities held by Mr. Johnson.
Mr. Johnson acquired the securities for investment purposes and has no present intention to acquire further securities of the Company, although he may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
A copy of the early warning report relating to the above holdings will be available under the Company's profile on SEDAR at www.sedar.com.
About Clive Johnson, Chairman of Uracan
Mr. Johnson is also the current President and Chief Executive Officer of B2 Gold Corp. Mr. Johnson was involved with Vancouver based Bema Gold and its predecessor companies since 1977. When Bema Gold was created by the amalgamation of three Bema group companies in 1988, Mr. Johnson became the Chief Executive Officer. Mr. Johnson was the driving force behind Bema's dramatic transition from a junior exploration Company to an international intermediate gold producer. Bema had producing gold mines in Russia, Chile and South Africa and development projects in Russia and Chile. In February 2007, Bema and Kinross Gold Corporation completed a plan of arrangement whereby Kinross purchased all of the outstanding shares of Bema, valuing Bema at over Cdn$3.5 billion. In 2007 Mr. Johnson and the other key executives from Bema Gold founded B2Gold. In five years B2Gold has become a successful intermediate gold producer with projected production growth from existing assets to approximately 550,000 ounces of gold per year by 2015 and a current market capitalization of Cdn$1.5 billion.
About Uracan Resources
Uracan Resources Ltd. (TSX.V:URC, OTC:URCFF) is a Canadian-based exploration company currently focused on exploring for uranium deposits in Northern Saskatchewan, Canada.
In early 2013, Uracan signed an agreement with UEX Corporation, whereby Uracan acquired the option to earn from UEX a 60% participating interest in the Black Lake Property along the northern margin of Saskatchewan's prolific Athabasca Basin. UEX currently holds an 89.99% interest in the Black Lake Project with AREVA Resources Canada Inc. ("AREVA") holding the remaining 10.01% interest. (See news release dated January 24, 2013).
In August 2014 Uracan signed a definitive agreement with Forum Uranium to acquire up to a 70% interest in the Clearwater Project along the southwest margin of the Athabasca Basin, immediately adjacent to Fission Uranium's Patterson Lake South project. (See Uracan news release dated August 27, 2014).
Since 2006, Uracan has discovered a N.I. 43-101 Indicated Mineral Resource estimate of 7 million lbs U3O8 (21.5 million tonnes at a grade of 140 ppm U3O8 using a 100 ppm cut-off grade) and a N.I. 43-101 Inferred Mineral Resource estimate of 37 million lbs U3O8 (140.6 million tonnes at a grade of 120 ppm U3O8 using a 100 ppm cut-off grade) on its 100%-owned properties in Quebec.
Uracan continues to review additional opportunities worldwide to capitalize on management's extensive exploration and financing capabilities.
Technical information in this news release has been reviewed and approved by Marc Simpson, P.Geo., Uracan's Qualified Person as defined by National Instrument 43-101 ("N.I. 43-101") standards.
ON BEHALF OF URACAN RESOURCES LTD.
"Marc Simpson"
President and CEO
Neither 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.
SOURCE Uracan Resources Ltd.
Marc Simpson, President and CEO, Uracan Resources Ltd., 604-506-6996; Uracan Corporate Development, 604-970-6980; www.uracan.caCopyright CNW Group 2014