VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/23/11 -- White Canyon Uranium Limited (TSX VENTURE:WU)(ASX:WCU) ("White Canyon" or the "Company") announces that further to the Company's press release dated February 11, 2011, Ms. Lulu Yu has elected to convert a US$2.5 million secured convertible note into ordinary shares of White Canyon. The Company has today issued 23,583,626 ordinary shares to Ms. Yu, in accordance with the terms of the secured convertible note. Ms. Yu has signed a release in relation to the security provided for the convertible note. Following the issue of those shares, Ms. Yu will have a 26.98% shareholding in the Company.
The conversion of the secured convertible note does not affect the proposed takeover bid by Denison Mines Corp. ("Denison"), as the issue of the shares pursuant to the conversion is specifically provided for in the Bid Implementation Agreement between Denison and White Canyon.
About White Canyon
White Canyon Uranium Ltd is a Perth, Western Australia-based company focused on acquisition, exploration, and development of uranium producing properties. The Company's U.S. operations are headquartered in Moab, Utah and comprise multiple mining tenements covering approximately 15,500 acres in Southern Utah.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: White Canyon Uranium Limited John Ramsey Vice President - Marketing +1 435 260 0267 [email protected] www.whitecanyonuranium.com
Source: Marketwire (February 23, 2011 - 10:26 AM EST)