The Company is pleased to announce it
has closed private placements for a total of 16,278,635 units at $0.11 per
unit to raise gross proceeds of $1,790,650. Refer to the Company's earlier
news release dated November 26, 2010 for further details of the offering.
The Company completed the sale of
6,863,635 units to the MineralFields Group of
Companies to raise proceeds of $755,000. The Company paid cash commissions of
$45,300 and issued finder's options for the purchase of up to 509,090 units
at $0.11 per unit. Each unit was comprised of one common share and one-half
of a warrant. Each full warrant entitles the holder thereof to purchase an
additional share at a price of $0.13 for two years from the date of closing.
The Company completed the sale of an
additional 9,415,000 units to other investors to raise proceeds of 1,035,650.
All units were sold at $0.11 per unit and contained the same terms.
A finder's fee of $4,400 was paid in
connection with the additional financing.
All of the shares, warrants and any
shares issued upon exercise of the warrants comprising the units and any
shares issued upon exercise of the finder's options,
are subject to resale restrictions expiring between April 17 to April 24,
2011.
The Company intends to use the proceeds
from the private placements to expand its planned McFauld's
drilling program, airborne survey and for general corporate purposes.
About MineralFields,
Pathway and First Canadian Securities®
MineralFields Group (a division of Pathway Asset
Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining
fund with significant assets under administration that offers its
tax-advantaged super flow-through limited partnerships to investors
throughout Canada as well as hard-dollar resource limited partnerships to
investors throughout the world. Pathway Asset Management also specializes in
the manufacturing and distribution of structured products and mutual funds
(including the Pathway Multi Series Fund Inc. corporate-class mutual fund series).
Information about MineralFields Group is available
at www.mineralfields.com.
First Canadian Securities® (a division of Limited Market Dealer Inc.) is
active in leading resource financings (both flow-through and hard dollar PIPE
financings) on competitive, effective and service-friendly terms, and offers
investment banking, mergers and acquisitions, and mining industry consulting,
services to resource companies. MineralFields and
Pathway have financed several hundred mining and oil and gas exploration
companies to date through First Canadian Securities®.
On behalf of the Board of Directors,
Jim Voisin,
President & CEO
UC Resources Ltd.
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.
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