Press Release

  • 23 SEPTEMBER 2016

This press release is issued pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Val-d’Or, Québec – September 23, 2016 – Glenn J. Mullan of 152 chemin de la Mine École, Val-d’Or, Québec J9P 7B6, has acquired ownership of an aggregate 833,332 units of Uranium Valley Mines Ltd. (the “Issuer”) having an office at 2864 chemin Sullivan, Val-d’Or, Québec J9P 0B9, which increased Mr. Mullan’s percentage of common shares held by approximately 4.24%. The units of the Issuer were acquired by Mr. Mullan under a private placement offering by the Issuer: 166,666 units at a per unit price of $0.12, each unit comprised of one common share in the capital of the Issuer issued on a flow-through basis under the Canada Income Tax Act and one-half of one share purchase warrant, each whole warrant entitling the purchase of one common share in the capital of the Issuer at a per share price of $0.12 until September 23, 2017; and 666,666 units of the Issuer, each unit comprised of one common share in the capital of the Issuer and one share purchase warrant, each warrant entitling the purchase of one common share in the capital of the Issuer at a per share price of $0.10 until September 23, 2017. The securities were issued by the Issuer from its treasury.

Immediately before the transactions that triggered the requirement to issue this release, Mr. Mullan owned 280,413 common shares of the Issuer representing approximately 2.50% of the Issuer’s then issued and outstanding common shares.

Immediately after the transactions that triggered the requirement to issue this release, Mr. Mullan owns 1,113,745 common shares of the Issuer representing approximately 6.74% of the Issuer’s now issued and outstanding common shares and owns warrants entitling the purchase of an aggregate 749,999 common shares of the Issuer, or, assuming exercise of the warrants, a total of 1,863,744 common shares or approximately 10.79% of the Issuer’s common shares on a post-conversion beneficial ownership basis.

The shares were acquired for investment purposes by Mr. Mullan and he will evaluate his investment in the Issuer and will increase or decrease his investment by future acquisitions or dispositions of securities of the Issuer at his discretion, as circumstances warrant. As of the date hereof, Mr. Mullan has no immediate future intention to acquire additional securities of the Issuer, or dispose of securities of the Issuer that he owns. Mr. Mullan may, in the future, exercise warrants that he owns and, thus, acquire further common shares in the capital of the Issuer.

A report respecting this acquisition, which is incorporated herein by reference, will be electronically filed with regulators in Alberta, British Columbia, Ontario and Québec and will be available for viewing through the Internet at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. To obtain a copy of the report, contact Mr. Mullan at (819) 824-2808.

(signed) “Glenn J. Mullan”
Glenn J. Mullan

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