Uranium Power Corp. (UPC) has closed the private placement it announced in Stockwatch on March 29, 2007.

Pursuant to the private placement, 12.5 million units were sold at a price of $1 per unit, providing UPC with gross proceeds of $12.5-million. Units placed in the placement were issued subject to a four-month hold period expiring Sept. 2, 2007.

Each unit consists of one share and one-half of one share purchase warrant exercisable for two years from the closing date at a price of $1.25 per share.

The offering was completed by a syndicate of agents led by Canaccord Capital Corp. and including PowerOne Capital Markets Ltd. As compensation for the placement of the units, the agents received a 7-per-cent commission of the gross proceeds, which was paid and satisfied with the issuance of 367,380 units and $507,620. In addition, the agents received 1.25 million non-transferable warrants providing the holder with the option to purchase a common share of UPC at a price of $1.25 per share for a period of two years from the closing date. Canaccord has also received a corporate finance fee of 75,000 units.

The placement has received the approval of the TSX Venture Exchange.

We seek Safe Harbor.