CALGARY, July 11 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) is pleased to announce that it has completed its previously announced non-brokered private placement of units ("Units") and common shares issued on a "flow-through" basis ("Flow-Through Shares"). Unitech issued 984,478 Flow-Through Shares at a price of $0.23 per Flow-Through share and 1,942,000 Units at a price of $0.20 per Unit for aggregate gross proceeds of $614,829.94. Each Unit consisted of one common share and one-half of a non-transferable common share purchase warrant of Unitech, with each whole warrant entitling the holder to purchase one additional common share of Unitech at a price of $0.25 per share for a period of 12 months from the closing of the offering. All of the common shares issued under the private placement are subject to a four-month hold period in Canada, which will expire on November 11, 2007. The net proceeds from this offering will be used to fund Unitech's exploration programs as well as for general corporate purposes.
About Unitech Energy Resources Inc.
Unitech uses its proprietary image analysis and pattern recognition system, called Leadscan, for a 'first look advantage' that drives Unitech's exploration strategy. Please visit Unitech's website at www.leadscan.ca. Shares of Unitech are listed for trading on the TSX Venture Exchange under the symbol URX.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to risks inherent in the oil and gas industry, regulatory and economic risks, and risks associated with the company's ability to implement its business plan. The company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.
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responsibility for, the adequacy or accuracy of this release.