ESO Uranium closes private placement

Trading Symbol - ESO
www.esouranium.com

VANCOUVER, Feb. 17, 2012 /CNW/ - ESO Uranium Corp. (TSXV: ESO) ("the Company") announced that it has completed the sale of the following Private Placement:

(i) 9,800,000 flow-through units ("FT Unit") at a price of $0.10 per FT Unit, for a total of $980,000. Each FT Unit consists of one flow-through common share and one share purchase warrant ("FT Warrant"), where each FT Warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.15 per share for a period of 24 months; and

(ii) 8,315,000 non-flow-through units ("NFT Unit") at a price of $0.10 per NFT Unit, for a total of $831,500. Each NFT Unit will consist of one non-flow-through common share and one share purchase warrant ("NFT Warrant"), where each NFT Warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.12 per share for a period of 24 months.

The Company has paid finders fees in connection with the Offering consisting of:

(i) $105,150 in cash equal to an 6% of the gross proceeds received from the sale of FT Units and NFT Units; and

(ii) 1,051,500 finders options ("Finders Options") equal to 6% of the number of FT Units and NFT Units sold.  Each Finders Option will entitle the holder to purchase one NFT Unit at a price of $0.10 per NFT Unit for a period of 24 months from the date of issue of the Finders Option.

The gross proceeds from the sale of the FT Units shall be used to fund exploration on the Company's properties in the Athabasca Basin, Saskatchewan, including the Patterson Lake South Property, and the net proceed from the sale of the NFT Units shall be used to pay for the regulatory filing and finders' fees associated with this Private Placement, for general working capital, and other exploration expenditures. 

All securities are subject to a four month hold period. The Private Placement remains subject to final approval of the TSX Venture Exchange.

On behalf of the Board of Directors of ESO Uranium Corp.

"Ben Ainsworth"  
Director

Please refer to the ESO Uranium website for further and updated information.

Neither the 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.

Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

For corporate communications please contact:

Robert (Bob) Meister
ESO Uranium Corp.
Vancouver, BC
Phone: [phone]
Toll Free: 1-866-629-0293
Email: [email protected]