Unor completed a non-brokered private placement of 8.6 million flow-through units at a price of Can$0.25 per unit for total gross proceeds of Can$2.15 million to the MineralFields Group. Each unit consists of one flow-through share and one-half of a common share purchase warrant, with each whole share purchase warrant exercisable for one additional (non flow-through) common share of Unor until December 28, 2009 at a price of Can$0.35 per share. The proceeds of the private placement will be used for continued exploration of Unor’s mineral properties located in Nunavut, Canada.
A three-week evaluation of the exploration permits was completed. The study concentrated on evaluating the alteration and porosity within the basinal sandstones and the nature of the unconformable contact with the basement rocks. During the trip, a zone of radioactivity running about 5000 cps was discovered in porphyritic granite in the central part of the Robertson River block. Several of the historical showings associated with the hot granites within the Fury-Hecla block were sampled.
June 26, 2007
Uranium exploration was to commence in mid-August.
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