Universal Uranium and Crosshair Exploration Settle Action

Universal Uranium Ltd. (TSX VENTURE:UUL) (the "Company") is pleased to announce
that the action commenced by Crosshair Exploration & Mining Corp. ("Crosshair")
in the B.C. Supreme Court in April, 2009 has been settled. The Crosshair action
sought rescission of two agreements, one being a property purchase agreement
under which Crosshair acquired Universal's mineral claims in the Central Mineral
Belt in Labrador, and the other being a private placement agreement under which
Crosshair purchased 2,222,222 units of the Company, each consisting of one
common share and one common share purchase warrant. At the time the Crosshair
action was commenced, Crosshair also caused the escrow agent to halt the release
of Crosshair shares and warrants that formed part of the consideration for
Universal's Labrador mineral claims and that had been placed in escrow pursuant
to the property purchase agreement.


In May, 2009, Universal filed a Statement of Defence and Counterclaim denying
that Crosshair was entitled to rescission of the two agreements and asserting
that the Crosshair action was an abuse of process. The Statement of Defence and
Counterclaim also sought damages for the loss of the Company's opportunity to
market the Crosshair shares to which Universal was entitled.


In August, 2009, Universal applied for an injunction directing the escrow agent
to release the Crosshair shares and warrants from escrow. In a judgement
rendered on March 16, 2010, the B.C. Supreme Court granted the injunction sought
by Universal and directed the escrow agent to release to Universal the shares
and warrants due to the Company under the escrow agreement.


The settlement agreement requires the parties to file a consent dismissal order
dismissing both the Crosshair claim and Universal's counterclaim on a without
costs basis. The settlement agreement also provides for a release by each party
of all claims and causes of action it may have against the other party resulting
from any matters existing up to the present time with respect to the action.


The settlement agreement further provides for Crosshair to enter into a voting
trust agreement pursuant to which Crosshair will, for a period of 36 months,
either abstain from voting its shares in Universal at shareholder meetings or
will vote its shares in favour of the proposals of Universal's management. As at
the date of the settlement, Crosshair held 2,222,222 common shares of the
Company and 2,222,222 warrants to purchase common shares of the Company.


Universal Uranium Ltd. (TSX VENTURE:UUL) is a publicly held Canadian exploration
company focused on acquiring, exploring and developing mineral properties
located in favorable geo-political climates. The company is led by a highly
skilled, experienced board and management team with significant successes in
managing early stage mineral exploration companies.


ON BEHALF OF THE BOARD:

Ronald Atlas, President & Chairman of the Board

The Company seeks Safe Harbour.

Standard & Poor's Listed

Issued Share Capital: 47,284,068

Universal Uranium Ltd. (TSXV:UUL)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024