ESO Uranium announces flow-through financing
(EMAILWIRE.COM, December 12, 2005 ) Vancouver, Canada -- ESO Uranium Corp. (ESO:TSX-V) (“the Company”) announces that it is proceeding with an offering of up to 5,000,000 flow-through units (the “Offering”), at a price of $0.90 per Unit with each unit (a “Unit”) consisting of one flow-through common share and one share purchase warrant. Two warrants will entitle the holder to purchase one non-flowthrough common share at a price of $1.50 for a period of 18 months from closing.
The Offering will be made on a non-brokered basis, however the Company may, in appropriate circumstances, pay up to a 7% finders fee in cash or shares, and issue warrants equal to 7% of the number of Units sold (the “Finders Warrants”). Two Finders Warrants will entitle the holder to acquire one non-flow-through common share at a price of $1.50 for a period of 18 months from closing.
The proceeds of the Offering will be used to incur qualifying exploration expenses on the Company’s mineral properties located in northern Saskatchewan and northern Ontario. The services of a drilling contractor have been secured and drilling on the Mikwam properties and the Athabasca Basin properties should commence early 2006.
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.
About ESO Uranium Corp.
The company is a junior resource issuer with a 100% interest in the Mikwam claims located in the Noseworthy Township of Ontario, subject to certain overriding royalties. The Mikwam claims are located on the western extension of the Casa Berardi Deformation Zone which is an area of historical gold and other precious metals mineralization.
The company also holds an interest in over 860,000 acres of mineral claims located in the Athabasca Basin in northern Saskatchewan. The Athabasca Basin area is known to host uranium and other precious metals mineralization.
On behalf of the Board of Directors of ESO Uranium Corp.
“Jonathan George”
Jonathan George, President & CEO
For corporate communications please contact Tom Corcoran, Investor Relations,
ESO Uranium Corp, phone: (604) 629-0293, email: tcorcoran@esouranium.com,
Toll Free Continental U.S.A 1-866-629-8368
web site: 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 certainties are detailed in the Company’s filing with the Securities and Exchange Commission.
