VANCOUVER, Nov. 8 /PRNewswire/ - CanAlaska Uranium Ltd. (CVV
- TSX.V) (the "Company" or "CanAlaska") announced today its Board
of Directors has authorized the implementation of a share
consolidation on the basis of one post-consolidation Common Share
for every 10 pre-consolidation Common Shares, effective
November 8, 2010 (the "Effective
Date").
The approximately 172 million Common Shares of
the Company currently outstanding will be reduced to 17,211,621
Common Shares, as approved by shareholders at the Company's annual
and special meeting held on September 23,
2010. No fractional shares will be issued. Any
fractions of a share will be rounded down to the nearest number of
Common Shares that is a multiple of 10. The exercise price and
the number of Common Shares issuable under any of the Company's
outstanding warrants and stock options will be proportionately
adjusted upon consolidation.
The share consolidation has received approval
from the TSX Venture Exchange ("Exchange").
The Company's Common Shares will continue to be
traded on the Exchange under the symbol "CVV" on a
post-consolidation basis, under a new CUSIP number - 13708P 20
1. The ISBN number is CA13708P2017. CanAlaska's Common
Shares are expected to begin trading on a post-consolidation basis
on the Exchange when markets open on Monday
November 8, 2010.
The Company's shares continue to trade OTCBB and
the new symbol on this date will be CVVUD. Please note that
the "D" will be removed 20 business days from the Effective
Date. The shares are also quoted on the Frankfurt Exchange
symbol DH7.F.
CanAlaska has retained its transfer agent, CIBC
Mellon Trust Company, to act as exchange agent for the share
consolidation. Shareholders of record as at the Effective Date
will receive a letter of transmittal providing instructions for the
exchange of their Common Shares.
President Peter
Dasler commented "CanAlaska has been able to carry out
extensive exploration, and define targets with significant uranium
exploration potential in the Athabasca Basin and surrounding
areas". The value of our partner's significant contributions
to the $75 M of exploration has never
been reflected in the Company's market capitalization. The
current share consolidation is one step in the Company's path to
realize this investment in its exploration progress.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUD
-- OTCBB, DH7 -- Frankfurt) is
undertaking uranium exploration in twenty 100%-owned and three
optioned uranium projects in Canada's Athabasca Basin -- the "Saudi Arabia of Uranium". Since September 2004, the Company has aggressively
acquired one of the largest land positions in the region,
comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles).
To-date, CanAlaska has expended over Cdn$70
million exploring its properties and has delineated multiple
uranium targets.
For more information visit www.canalaska.com
On behalf of the Board of Directors
(signed)
Peter Dasler,
M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
The TSX Venture has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release:
CUSIP# 13708P 10 2. This news release contains certain
"Forward-Looking Statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included
herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the British Columbia Securities Commission and the
United States Securities & Exchange Commission.
SOURCE CanAlaska Uranium Ltd.
Copyright v. 8 PR Newswire
