VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2008) - UC Resources Ltd. (TSX VENTURE:UC) -
Further to the Company's news releases dated November 28, 2008 and December 2, 2008, the Company is pleased to announce it has received TSX Venture Exchange approval for and closed 3,500,000 units of a second tranche of a private placement of 13,500,000 units, at a price of $0.10 per unit, to raise proceeds of $350,000. A total of 3,250,000 units were flow-through units and 250,000 units were non-flow-through units. Each unit is comprised of one common share of the Company and one-half of a transferable share purchase warrant, each whole warrant exercisable to purchase one non-flow-through common share, at a price of $0.20, for a period of two years following the closing.
At the closing the Company paid a finder's fee to PowerOne Capital Markets Limited in connection with the sale of 2,500,000 units consisting of a cash commission equal to 8% of the proceeds raised and compensation options exercisable to purchase 200,000 units, at a price of $0.10 per unit, for a period of two years, each unit consisting of one common share and one-half of a non-transferable share purchase warrant, with each whole warrant exercisable to purchase an additional common share at a price of $0.20 for a period of two years following the closing.
All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units and any shares issued upon exercise of the compensation options and underlying warrants, are subject to a hold period and may not be traded in Canada until April 12, 2009, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
UC Resources Ltd. is an active explorer of base metals in the McFaulds Lake area of the James Bay Lowlands, Ontario, and an explorer and a very near term producer of precious metals in Mexico.
BY ORDER OF THE BOARD OF DIRECTORS OF UC RESOURCES LTD.
Jim Voisin, President
We seek safe harbour.
FOR FURTHER INFORMATION PLEASE CONTACT:
UC Resources Ltd.
Vancouver Head Office
Toll Free: 1-800-366-8566 (Canada & USA)
Website: www.ucresources.net
