Business
Unitech Energy Resources announces proposed brokered private placement
Unitech Energy Resources announces proposed brokered private placement.
About this update from Decimus Oil Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 8 /CNW/ - Unitech Energy Resources Inc. (\"Unitech\")\n(TSXV: URX) announces that it has executed an engagement letter with Research\nCapital Corporation (\"Research\") pursuant to which Research has agreed to use\ncommercially reasonable efforts for an offering of units (\"Units\") of Unitech.\nThe Units will be offered at a price of $0.45 per Unit for gross proceeds of a\nminimum of $1,687,500 (3,750,000 Units) and a maximum of $3,375,000\n(7,500,000 Units). Each Unit will consist of one common share (deemed to be\nissued at a price of $0.20 per share), one flow-through common share (deemed\nto be issued at a price of $0.25 per share) and one common share purchase\nwarrant (\"Warrant\") of Unitech. Each Warrant will entitle the holder to\npurchase one additional common share of Unitech at a price of $0.30 per share\nfor a period of 12 months from the closing of the offering.\n\n\nUnitech has agreed to grant Research an over-allotment option which will\nentitle Research to sell up to that number of Units that is equal to 15% of\nthe number of Units sold under the offering. The over-allotment option will be\nexercisable for a period of 60 days after the closing of the offering.\n\n\nThe initial closing of the offering is expected to occur on December 29,\n2006 with the final closing expected to occur on or before February 15, 2007.\nThe net proceeds from this offering will be used to fund Unitech's\nexploration, development and acquisition programs as well as for general\ncorporate purposes.\n\n\nUnitech uses LeadScan, its proprietary image analysis and pattern\nrecognition system, to assist in its focus on high-working-interest, lower\nrisk, oil and gas plays. Unitech's website is www.leadscan.ca.\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 fact...