CanAlaska Uranium completes $10 million non-brokered private placement

Vancouver, British Columbia–(Newsfile Corp. – November 2, 2022) – CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) (“CanAlaska“or the”Company“) is pleased to announce that it has closed its non-brokered private placement (the “Offer“) previously announced on October 6, 2022, as increased on October 7, 2022. In connection with the placement, the Company issued 13,173,212 flow-through units for gross proceeds of $6,850,070.24 and 4,499,900 flow-through units for gross proceeds of $3,149,930, for total gross proceeds of $10,000,000.24.

As part of the placement, the Company paid a total of $594,362.58 and issued a total of 1,049,545 warrants as finder’s fees. Each warrant is exercisable for one common share at a price of $0.52 for three years.

All securities issued pursuant to this private placement are subject to a hold period expiring on March 2, 2023, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

Certain officers of the Company (the “Insiders“) participated in the Offering and purchased a total of 50,687 flow-through units. The participation of Insiders in the private placement is considered a “related party transaction” in accordance with Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101The Company is exempted from the obligation to obtain a formal evaluation and the approval of the minority shareholders in connection with the participation of the Insider in the Offer in accordance with Articles 5.5(a) and 5.7(a) of NI 61-101, respectively, on the basis that the participation in the Offer by the Insiders did not exceed 25% of the fair market value of the market capitalization of the Company. material change report at least 21 days before the closing of the Offer because the participation of Insiders had not been confirmed at that time.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States of America. The Securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities law and may not be offered or sold in the United States. United States or to United States Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration be available.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) owns interests in approximately 300,000 hectares (750,000 acres) in Canada’s Athabasca Basin, the “Saudi Arabia of uranium”. CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison on two of the company’s properties in the eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds promising properties for nickel, copper, gold and diamonds. For more information, visit www.canalaska.com.

On behalf of the Board of Directors
“Peter Dasler”
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.

contacts:

Cory Belyk, Executive Vice President and CEO
Such. : +1.604.688.3211 extension 306
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Peter Dasler, President
Such. : +1.604.688.3211 extension 138
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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 information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, its perception of historical trends, current conditions, expected future developments and other factors it deems appropriate in the circumstances. In addition, such statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will prove to be inaccurate, some of which are beyond the control of the Company. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or to revise them to reflect the occurrence of unanticipated future events.

Not for distribution to United States news services or for dissemination in the United States.

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