CanAlaska Uranium Ltd. (TSX-V: CVV) (OTCQX: CVVUF) (FSE: DH7N) is pleased to announce that it has closed its non-brokered private placement previously announced on October 6, 2022, as increased on October 7, 2022. Under the Offering, the Company has issued 13,173,212 flow-through units for gross proceeds of $6,850,070.24 and 4,499,900 charity flow-through units for gross proceeds of $3,149,930, for total gross proceeds of $10,000,000.24.

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

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

Certain officers of the Company participated in the Offering and purchased an aggregate of 50,687 flow-through units. Participation by Insiders in the private placement is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insider’s participation in the Offering in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insiders did not exceed 25% of the fair market value of the Company’s market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Offering as participation of the Insiders had not been confirmed at that time.

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 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 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.