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Unitech Energy completes first tranche of private placement
CALGARY, Dec. 18 /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, Dec. 18 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:\nURX) is pleased to announce that it has completed the first tranche of its\npreviously announced non-brokered private placement of special warrants issued\non a flow-through basis ("Special Warrants"). Unitech issued an aggregate of\n5,320,442 Special Warrants at a price of $0.09 per Special Warrant for gross\nproceeds of $478,839.78. The Special Warrants are convertible into a variable\nnumber of Unitech common shares dependent on a reserves and valuation prepared\nby an independent consulting engineering company of the test well (the "Well")\nat its Keg River prospect in NE British Columbia. The Special Warrants, and\nthe Unitech common shares issuable upon conversion, will be subject to a\nfour-month hold period, commencing on the date the Special Warrants are\nissued.\n\n\nUnitech expects to complete a second tranche of the private placement on\nor prior to December 31, 2007. Unitech will use the aggregate proceeds of the\nprivate placement to fund the drillout and completion of the Well and earn an\nadditional working interest.\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 n...