Blue Sky Closes Over-subscribed Private Placement Financing
Terminal City Club Tower, Suite 709 - 837 West Hastings Street Vancouver, BC CANADA V6C 3N6 TSX Venture Exchange: BSK Tel: 604-687-1828 • Fax: 604-687-1858 • Toll Free: 1-800-901-0058 Frankfurt Stock Exchange: MAL (WKN A0MKXP) www.blueskyuranium.com • [email protected] ____________________________________________________________________________________________________
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NEWS RELEASE – May 10, 2011
Blue Sky Closes Over-subscribed Private Placement Financing
Blue Sky Uranium Corp. (TSX-V: BSK, WKN: AOMKXP) (“Blue Sky” or the “Company”) has received regulatory approval from the TSX Venture Exchange for the Company’s non-brokered private placement originally announced on April 25, 2011. The Company’s news release anticipated that 4,000,000 units would be issued in the Financing. The final number of units which will be issued in the Financing is 5,800,500 units at a price of $0.18 per unit, for gross proceeds to the Company of $1,044,090. This represents an oversubscription of $324,090 from the amount originally announced.
Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at a price of $0.25 per share for 18 months from the date of issue of the warrant. All securities issued are subject to a minimum four-month hold period pursuant to Canadian securities laws.
The proceeds of this financing will be used to explore and develop Blue Sky’s uranium property portfolio in Argentina and for general working capital.
Finders’ fees are payable on a portion of the private placement to parties at arm’s length to the Company, as follows: total cash fees of $35,633; and, 197,960 finders’ warrants, such warrants exercisable into common shares at $0.25 per share for an 18 month period.
About Blue Sky Uranium Corp.
Blue Sky is a member of the Grosso Group, a resource management group with over 18 years of exploration experience in South America. Blue Sky, through its membership with the Grosso Group, signed an agreement in principle for a strategic alliance with the Government of Rio Negro, Argentina, for the purpose of jointly exploring the potential for commercial mining activity to develop mining projects that provide for the acquisition, exploration and exploitation of polymetallic and energy related mineral deposits. The Company is dedicated to actively exploring the Patagonia region of Argentina.
News Release May 10, 2011 Blue Sky Uranium Corp. Page 2
Experienced management and technical members, foster relationships with significant international industry contacts, lead the exploration team on the search for quality resource opportunities.
ON BEHALF OF THE BOARD
“Sean Hurd”
_________________________ Mr. Sean Hurd, President & CEO
For further information please contact:
Corporate Communications Tel: 1-604-687-1828 Toll-Free: 1-800-901-0058 Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward- looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.