CanAlaska Uranium Ltd. (TSX-V: CVV) (FSE: DH7N) announces that it has closed the first tranche of its non-brokered private placement previously announced on October 19, 2020. Under the First Tranche, the Company has issued 2,682,136 flow-through units for gross proceeds of $590,069.92 and 2,211,000 non flow-through units for gross proceeds of $442,200, for total gross proceeds of $1,032,269.92.

In connection with the First Tranche, the Company paid a total of $53,404.20 and issued a total of 250,927 warrants as finder’s fees. Each finder’s warrant is exercisable for one common share at a price of $0.28 for two years.

All securities issued under this private placement are subject to a hold period expiring March 3, 2021, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the 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 laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About CanAlaska Uranium

CanAlaska Uranium Ltd. holds interests in approximately 214,000 hectares (530,000 acres), in Canada’s Athabasca Basin and Wollaston area – the “Saudi Arabia of Uranium.” CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at 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 properties prospective for nickel, copper, gold and diamonds.