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Re: News Release - Wednesday, April 09, 2008
Uranium North Extends Terms Of Loan Agreement
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Vancouver, April 9, 2008 --Uranium North Resources Corp (UNR -- TSX-V)
announces that it has entered into an agreement with Diamonds North
Resources Ltd. ("DDN") pursuant to which the Company and DDN have
agreed to amend the terms of a loan agreement dated March 14, 2006 (the
"Loan Agreement"). Pursuant to the Loan Agreement, DDN advanced a loan
to the Company in the principal amount of $300,000 bearing interest at
5% per annum. The principal and interest due under the Loan Agreement
became due on March 15, 2008. DDN held the right to convert the
principal and interest into common shares of the Company at a
conversion price equal to $0.75 per share.
The Company and DDN have agreed to amend the terms of the Loan
Agreement to extend the due date for repayment of the principal and
interest to December 31, 2008. The amendment further provides that
the conversion price under the Loan Agreement be reduced from $0.75 per
share to $0.54 per share. The Company will also pay an administration
fee in the amount of $6,000 to DDN.
The amendment to the Loan Agreement is subject to acceptance by the TSX
Venture Exchange.
Uranium North holds 100% interest in properties located within the most
prospective uranium basins in Canada, namely the Athabasca and Thelon
Basins and is focused on discovery.
On behalf of Uranium North Resources
Mark Kolebaba President and CEO
Uranium North Resource Corp
Corporate Communication- Heather Kays
Tel: 604-484-7120
Fax: 604- 484-7143
Website: www.uraniumnorth.com
Email: info@uraniumnorth.com
Forward-Looking Information
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration drilling,
exploitation activities and events or developments that Uranium North
Resources Corp (the "Company") expects to occur, are forward-looking
statements. Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to
differ materially from those in forward looking statements include
market prices, exploitation and exploration successes, and continued
availability of capital and financing and general economic, market or
business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. The Company does not assume any obligation
to update or revise its forward-looking statements, whether as a result
of new information, future events or otherwise.
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Copyright (c) 2008 URANIUM NORTH RESOURCES CORP,. (UNR) All rights
reserved. For more information visit our website at
http://www.uraniumnorthresources.com/ or send
mailto:info@uraniumnorthresources.com
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