CALGARY, Dec. 21 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) is pleased to announce that it has completed the second and final tranche of its previously announced non-brokered private placement of special warrants issued on a flow-through basis ("Special Warrants"). Unitech today issued an aggregate of 9,679,558 Special Warrants at a price of $0.09 per Special Warrant for gross proceeds of $871,160.22, bringing the aggregate proceeds raised under the fully subscribed offering to $1,350,000. The Special Warrants are convertible into a variable number of Unitech common shares dependent on a reserves and valuation prepared by an independent consulting engineering company of the test well (the "Well") at its Keg River prospect in NE British Columbia. The Special Warrants, and the Unitech common shares issuable upon conversion, will be subject to a four-month hold period, commencing on the date the Special Warrants are issued.
Unitech will use the aggregate proceeds of the private placement to fund the drillout and completion of the Well and earn an additional working interest.
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. Unitech 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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