Ann: WCU Secures Underwriter for Listed Options , page-7

re: Ann: WCU Secures Underwriter for Listed O... UNDERWRITER FOR LISTED OPTIONS SECURED
US‐focussed uranium company White Canyon Uranium Limited (ASX: WCU) (“White Canyon” or “the Company”) is pleased to announce the signing of an underwriting agreement with Cunningham Peterson Sharbanee Securities Pty Ltd with respect to the outstanding listed options (ASX: WCUO) that are presently on issue.
These options expire on 29th January 2010 and have an exercise price of $0.25. There are a total 91,556,610 options on issue, which will raise a total of $22,889,152.50 (before costs) if all options are converted into fully paid ordinary shares.
The current option holders retain the right to exercise their options prior to the expiry date.
Speaking on this agreement, White Canyon’s managing director Peter Batten said “this is an exciting time for the Company and a cash injection from the option exercise is perfect timing for the company to be able to utilise these additional funds”.
It is expected these funds will be used as part of the platform to advance White Canyon’s projects through the fast tracking of exploration and mining feasibility studies. White Canyon expects production rates to increase with additional mines resulting from this work.