VANCOUVER, BRITISH COLUMBIA, Mar 18, 2008 (MARKET WIRE via COMTEX) -- Uranerz Energy Corporation ("Uranerz" or the "Company") (URZ)(URZ)(FRANKFURT: U9E) is pleased to announce that it will raise approximately US$23,676,000 via a brokered private placement of 4,000,000 units and a non-brokered private placement of 5,865,000 units, including 5,465,000 to Denison Mines Corp. ("Denison"), at a price of US$2.40 per unit. Upon closing of the private placement Denison will own approximately 9.9% of the issued and outstanding common shares of Uranerz.
Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of Uranerz common stock for a period of 24 months after the closing at an exercise price of US$3.50 per share.
"We are pleased to welcome Denison, the premier conventional uranium producer in the United States, as a substantial shareholder in the Company. We anticipate a mutually beneficial working relationship and look forward to exploring opportunities in which the two companies can contribute their respective strengths," stated Glenn Catchpole, President and CEO of Uranerz. "The proceeds of this financing will help Uranerz achieve its goal of becoming a significant in-situ recovery ("ISR") uranium producer in Wyoming."
