Business
Unitech Energy announces completion of its Stettler Basal Quartz well and closing of the first tranche of its private placement
CALGARY, July 23 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) is pleased to anno...
About this update from Decimus Oil Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, July 23 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:\nURX) is pleased to announce that it has been notified by the operator of its\nrecently announced Stettler Basal Quartz well that the well is now drilled,\nlogged and cased. The well logs indicate approximately 12 metres of sand and\nthe well is to be completed as a gas well. Production rates will be determined\nas soon as practically possible. Unitech owns a 25% working interest in this\nwell and the section of land where it is located. The operator further advised\nUnitech that a follow-up well is being planned on the subject section.\n\n\nUnitech further announces that it has completed the first tranche of its\npreviously announced non-brokered private placement of common shares ("Common\nShares") and common shares issued on a flow-through basis ("Flow-Through\nShares"). Unitech issued an aggregate of 4,799,100 Common Shares at a price of\n$0.05 per Common Share and an aggregate of 3,974,100 Flow-Through Shares at a\nprice of $0.07 per Flow-Through Share for aggregate gross proceeds of\n$518,142. The Common Shares and Flow-Through Shares are all be subject to a\nfour-month hold period.\n\n\nAfter closing the first tranche of financing, Unitech has 39,160,090\n(undiluted) shares of common stock issued and outstanding.\n\n\nUnitech may complete a second tranche of the private placement on or\nabout July 28, 2008. Unitech will use the aggregate net proceeds of the\nprivate placement to fund Unitech's exploration programs as well as for\ngeneral corporate purposes.\n\n\nAbout Unitech Energy Resources Inc.\n\n\nUnitech uses its proprietary image analysis and pattern recognition\nsystem, called Leadscan, for a 'first look advantage' that drives Unitech's\nexploration strategy. Please visit Unitech's website at www.leadscan.ca.\nShares of Unitech are listed for trading on the TSX Venture Exchange under the\nsymbol URX.\n\n\nExcept for statements of historical fact, this news release contains\ncertain "forward-looking information" within the meaning of applicable\nsecurities law. Forward-looking information is frequently characterized by\nwords such as "plan", "expect", "project", "intend", "believe", "anticipate",\n"estimate" and other similar ...