CanAlaska Uranium Announces $2,173,500 Brokered Financing

VANCOUVER, Sept. 16, 2011 /PRNewswire/ - CanAlaska Uranium Ltd. (TSX - CVV) ("CanAlaska" or the "Company") has arranged with Secutor Capital Management Corporation and Industrial Alliance Securities Corporation (together, the "Agents") for a brokered private placement for up to 3,150,000 units (the "Units") at a price of $0.69 per Unit for gross proceeds of up to $2,173,500 (the "Offering").

Each Unit consists of one common share of the Company to be issued as a "flow-through share" (a "Flow-Through Share") within the meaning of the Income Tax Act (Canada) (the "Tax Act") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant will entitle the holder to acquire a common share of the Company at a price of $0.83 per common share for a period of 18 months following the closing of the Offering.  The Company shall renounce to the purchasers of the Units the amount of Qualifying Canadian Exploration Expenditures equal to the aggregate issue price of the Flow Through Shares.

The Company will pay the Agents an aggregate cash commission equal to 7% of the gross proceeds raised in respect of the Offering and issue to the Agents an aggregate number of non-transferrable broker warrants to acquire that number of common shares of the Company equal to 7% of the total number of Units sold, exercisable at a price of $0.69 for a period of 18 months following closing of the Offering.

The Company intends to use the funds raised for exploration programs on property located in the Provinces of Manitoba and Saskatchewan, Canada.  Such exploration expenditures on the properties will constitute "Canadian exploration expenses" and "flow through mining expenditures", as defined in the Tax Act.  The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals. All securities to be issued under the Offering will be subject to a four-month statutory hold period in Canada.

About CanAlaska Uranium

CANALASKA URANIUM LTD. (CVV - TSX) (CVVUF - OTCBB) (DH7N - Frankfurt) is undertaking uranium exploration in twenty one uranium projects in Canada's Athabasca Basin -- the "Saudi Arabia of Uranium".  Since September 2004, the Company has aggressively acquired one of the largest land positions in the region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles).  To-date, CanAlaska has expended over Cdn$75 million exploring its properties and has delineated multiple uranium targets.

For more information visit www.canalaska.com

On behalf of the Board of Directors

(signed)

Peter Dasler, M.Sc., P.Geo., President & CEO, 
CanAlaska Uranium Ltd.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP# 13708P 10 2. This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.

SOURCE CanAlaska Uranium Ltd.

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