CALGARY, May 30 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) announces that it proposes to raise up to $1,800,000 in gross proceeds by way of a non-brokered private placement offering of up to 15,000,000 units ("Units"). Each Unit will consist of one common share with an allocated price of $0.05 per share and one common share issued on a "flow-through" basis with an allocated price of $0.07 per share. Each Unit has a price of $0.12. All of the common shares to be issued under the private placement will be subject to a four-month hold period in Canada.
The closing of the offering is expected to occur on or about June 30, 2008 and 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.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for, the adequacy or accuracy of this release.