GoviEx Completes Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

GoviEx Uranium Inc. (TSX VENTURE:GXU) ("GoviEx" or the "Company") today announced that, further to its news release of December 19, 2016, it has closed the second and final tranche of its private placement financing (the "Private Placement"). In aggregate, the Company issued a total of 50 million Units between the first and second tranches at a price of C$0.10 per Unit, for gross proceeds to the Company of approximately C$5.0 Million.

The net proceeds from the Private Placement will be used to fund continued exploration and development activities on the Company's projects and for general corporate purposes. The funds also will enable the Company to pursue discussions related to strategic opportunities and potential transactions.

All securities issued under the second tranche of this Private Placement will be subject to a customary hold period and may not be traded before April 24, 2017. In addition, securities issued to subscribers in the United States will be subject to a hold period under the Securities Act of 1933 (the "1933 Act") and can only be resold in strict compliance with the applicable exemptions from the registration requirements of the 1933 Act.

Each Unit consists of one (1) Class A common share and one (1) Class A common share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to purchase one (1) Class A common share of the Company for US$0.15 for five years from the date of issuance, until either December 19, 2021 or December 23, 2021, as applicable.

GoviEx insiders subscribed for a total of C$60,820 or 608,200 Units. The Company paid total finders' fees of approximately C$201,840 and issued a total of 2,018,400 finders' warrants, each allowing the holder to subscribe for one (1) Class A common share at an exercise price of US$0.075 until December 19, 2019.

The Private Placement remains subject to the final acceptance of the TSX Venture Exchange.

About GoviEx Uranium

GoviEx is a mineral resource company focused on the exploration and development of a diversified portfolio of uranium projects in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship Madaouela Project in Niger, as well as its Mutanga Project in Zambia, and its uranium-copper-silver exploration Falea Project in Mali.