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ESO Uranium Announces $6 Million Brokered Financing |
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Vancouver, Canada, November 13, 2006: ESO Uranium Corp. (ESO:TSX-V) ("the Company") announced that it is proceeding with an offering of up to 10,000,000 units (subject to a 15% overallotment option) at a price of $0.60 per unit (the "Offering"), each unit (a "Unit") consisting of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.75 for a period of 24 months from closing, subject to an exercise acceleration provision triggered by the closing price of the shares of the Company at $1.15 or higher for 30 consecutive trading days.
The Offering will be made on a brokered basis, through Union Securities Ltd. ("Union"). The Company shall pay Union a 7% cash commission, a $10,000 work fee, and issue to Union an option to purchase additional units (having the same terms as the Units) equal to 10% of the number of Units sold. In addition, Union shall be entitled to receive a 3% cash commission on the proceeds from the exercise of any warrants issued under this offering.
The proceeds of the Offering will be used to conduct further exploration of the Company's mineral properties located in northern Saskatchewan and northern Ontario. The Offering is subject to the acceptance of the TSX Venture Exchange, and all securities issued in connection with the offering will be subject to a four month hold period.
On behalf of the Board of Directors of ESO Uranium Corp.
"Jonathan George"
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Jonathan George, President & CEO
Further information can be sourced from the ESO Uranium website at www.esouranium.com
The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management. Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.
For corporate communications please contact
Investor Relations at ESO Uranium Corp.
Phone: (604) 629-0293
Toll Free: 1-866-629-8368
Email:
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Web site: www.esouranium.com
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