MARKetTIME NEWS

[MARKetTIME]

CanAlaska Uranium Ltd. - Previously Announced $2,173,500 Brokered Financing Canceled
Toronto Stock Exchange (TSX): CVV

VANCOUVER, Oct. 12, 2011 /CNW/ - CanAlaska Uranium Ltd. (TSX: CVV) ("CanAlaska" or the "Company") Due to adverse market conditions, the Company, together with Secutor Capital Management Corporation and Industrial Alliance Securities Corporation (together, the "Agents") have agreed to cancel the proposed brokered private placement which was announced on September 16th, 2011 for up to 3,150,000 units (the "Units") at a price of $0.69 per Unit for gross proceeds of up to $2,173,500 (the "Offering").

About CanAlaska Uranium

CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF -- OTCBB, DH7N -- Frankfurt) is undertaking uranium exploration in twenty one 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$75 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 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: Canada Newswire (October 12, 2011 - 4:05 PM EDT)

News by QuoteMedia