News Release

Uranium Power Corp Announces Closing Of $12,500,000 Brokered Private Placement

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.