UC Resources Ltd. (TSX VENTURE:UC
- News; the
"Company") is pleased to announce that it intends to carry out a
non-brokered private placement consisting of up to 10,090,909 flow-through
units ("FT Units") at a price of $0.11 per unit and up to 818,181
non-flow through units ("Hard Units") at a price of $0.11 per unit
for aggregate gross proceeds of $1,200,000.
Each FT Unit will consist of one
flow-through common share in the capital of the Company and one half of one
non-flow-through share purchase warrant. Each whole warrant will entitle the
holder to acquire one common share in the capital of the Company at a price
of $0.13 per share for a period of two years from the date of closing. Each
Hard Unit will consist of one non-flow-through common share in the capital of
the Company and one non-flow-through share purchase warrant. Each warrant
will entitle the holder to acquire one common share in the capital of the
Company at a price of $0.13 per share for a period of two years from the date
of closing.
The Company will pay a finder's fee in
cash equal to 6% of the gross proceeds raised by finders and issue finder's
fee options to acquire units equal to 8% of the number of units sold by
finders, at a price of $0.11 per unit. Each finder's unit issued for the sale
of FT Units will be comprised of one common share and one half of one
non-transferrable share purchase warrant. Each finder's unit issued for the
sale of Hard Units will be comprised of one common share and one
non-transferrable share purchase warrant. Each whole warrant will entitle the
holder to acquire one common share in the capital of the Company at a price
of $0.13 per share for a period of two years from the date of closing.
The securities issued under the private
placement will be subject to a four-month hold period from the closing date
in accordance with applicable securities laws. The closing of the private
placement and the payment of finder's fees are subject to the acceptance of
the TSX Venture Exchange.
The Company intends to use the net
proceeds from the financing to complete the 55% earn-in of the McFauld's option agreement. The remaining funds will be
used for airborne geophysical surveys to be immediately followed by drilling.
On Behalf of the Board of Directors of
UC Resources LTD.
Jim Voisin,
President and CEO
This press release includes
forward-looking statements or information. All statements other than
statements of historical fact included in this release, including without
limitation, statements regarding future plans and objectives of the Company
are forward-looking statements that involve various risks and uncertainties
and are based on plans and estimates of management at the date the
information is provided and certain factors and assumptions of management,
including the availability of capital and financing in connection with the
proposed private placement. 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 plans or
expectations include availability of capital and financing in connection with
the proposed private placement, general economic, market or business
conditions, regulatory changes, timelines of government or regulatory
approvals and other risks detailed herein and from time to time in the
filings made by the Company. The Company undertakes no obligation to update
these forward-looking statements, other than as required by applicable law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Damien Lowry
UC Resources Ltd.
604.681.7265 or Toll Free: 800.366.8566
604.608.6163 (FAX)
www.ucresources.net |