Blue Sky Closes First Tranche of Private Placement
Blue Sky Uranium Corp. (TSX-V: BSK, FRA: MAL (WKN: A0MKXP), "Blue Sky" or the "Company") is pleased to announce that it has closed the first tranche of the non-brokered private placement announced on August 13, 2012. The first tranche consists of aggregate gross proceeds of $313,000. The Company will issue 3,130,000 units at a price of $0.10 per unit in the first tranche.
Each unit will consist of one common share and one transferable common share purchase warrant ("Unit"). Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.15 per share for two years from the date of issue.
No finder's fees were paid in connection with the Units sold under the first tranche.
Proceeds from the private placement will be used for further exploration and development of the Company's property portfolio in Argentina and for general working capital. All securities to be issued in the first tranche of this private placement are subject to a four month hold period under applicable Canadian securities laws. The completion of the closing of further tranches of the private placement is subject to the approval of the TSX Venture Exchange.
About Blue Sky Uranium Corp.
Blue Sky is one of Argentina's best positioned uranium exploration companies with more than 5,000 km2 of tenements. The Company's mission is to acquire, explore and advance a portfolio of uranium projects with an emphasis on surficial deposits, in Argentina and other jurisdictions.
The Company is a member of the Grosso Group, a resource management group with experience in South America since 1993. As a member company of the Grosso Group, Blue Sky benefits from the signing of an agreement in principle for a strategic alliance with the Government of the Rio Negro province, Argentina, for the purpose of jointly exploring the potential for commercial mining activity. Argentina has an advanced nuclear industry, centered in the Rio Negro Province.
ON BEHALF OF THE BOARD
Mr. Sean Hurd, President and CEO
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.