Unitech Energy announces proposed private placement

About this update from Decimus Oil Corp.

[{"type":"text","content":"\n\n\n\nCALGARY, May 30 /CNW/ - Unitech Energy Resources Inc. ("Unitech")\n(TSXV: URX) announces that it proposes to raise up to $1,800,000 in gross\nproceeds by way of a non-brokered private placement offering of up to\n15,000,000 units ("Units"). Each Unit will consist of one common share with an\nallocated price of $0.05 per share and one common share issued on a\n"flow-through" basis with an allocated price of $0.07 per share. Each Unit has\na price of $0.12. All of the common shares to be issued under the private\nplacement will be subject to a four-month hold period in Canada.\n\n\nThe closing of the offering is expected to occur on or about June 30,\n2008 and the net proceeds from this offering will be used to fund Unitech's\nexploration programs as well as for general 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 words, or statements that certain events or\nconditions "may" or "will" occur. Forward-looking statements are based on the\nopinions and estimates of management at the date the statements are made, and\nare subject to a variety of risks and uncertainties and other factors that\ncould cause actual events or results to differ materially from those\nanticipated in the forward-looking statements, which include but are not\nlimited to risks inherent in the oil and gas industry, regulatory and economic\nrisks, and risks associated with the company's ability to implement its\nbusiness plan. The company undertakes no obligation to update forward-looking\ninformation if circumstances or management's estimates or opinions should\nchange except ...

More updates from Decimus Oil Corp.