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"This agreement strengthens our efforts to identify new uranium reserves for the future. Cameco gains the right to participate in the exploration of new regions and adds the expertise of a solid technical team to our knowledge base."

Cameco President & CEO on UNOR investment

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Financing

The company has no operating revenues and relies primarily on equity financings as well as the exercise of warrants and options to fund its exploration and administrative costs.

Recent financings include:

February 2008 - pursuant to the terms of the UNOR/Cameco Strategic Alliance Agreement and pursuant to the private placement completed by the Company on December 28, 2007, Cameco subscribed for 2,083,230 units at $0.205 per unit for gross proceeds of $427,062.  Each unit consisted of one (1) common share and one half (1/2) common share purchase warrant.  Each whole common share purchase warrant will entitle the holders to purchase one common share at $0.35 per share for two years. 

December 2007 - the Company issued 8.6 million units at $0.25 per unit pursuant to a non-brokered private placement to raise gross proceeds of $1.5 million.  Each unit consisted of one (1) flow-through common share and one half (1/2) common share purchase warrant.  Each common share purchase warrant entitles the holders to purchase one common share at $0.35 per share for two years.

October 4, 2007 - the Company issued 4,285,714 flow-through units at a price of $0.35 per unit for total gross proceeds of $1.5 million.  Each unit consists of one flow-through share and one-half of a common share purchase warrant. UNOR paid a finder’s fee of 7.0% of the gross proceeds received and issued compensation options equal to 10.0% of the number of units sold, which compensation options will entitle the holders to purchase (non flow-through) common shares of Unor for a period of 24 months from the closing date at a price of $0.35 per share. Cameco Corporation exercised its right of participation to maintain its 19.5% ownership of UNOR.  Therefore, the company issued by private placement 1,038,154 non flow-through units at a price of $0.30 per unit to Cameco for net proceeds of $311,446.20.  Each unit consists of one non flow-through share and one-half of a common share purchase warrant.

November 2006 - the Company issued 4.9 million flow-through common shares at $0.52 per share pursuant to a brokered private placement to raise gross proceeds of $2.5 million and Cameco, pursuant to the terms of the Unor/Cameco Strategic Alliance Agreement, subscribed for 1.2 million flow-through common shares for gross proceeds of $0.6 million, as described in UNOR’s press release dated November 29, 2006.

June 2006 - the Company closed a non-brokered private placement of 22.9 common shares at a price of $0.40 per share for gross proceeds of $9.2 million with Cameco Corporation. Cameco will hold approximately 19.5% of the outstanding common shares of UNOR. In connection with the closing of this private placement, UNOR and Cameco have entered into a Strategic Alliance Agreement formalizing the ongoing relationship between the companies, as described in UNOR’s press release dated April 3, 2006.

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