Updated: 2013-06-19 - 14:28:00
UC Resources Symbol: UC.V
March 13, 2007 UC Resources Ltd.: Torreon, Coahuila, Mexico/Vancouver, British Columbia; Trading Symbol: TSXV: UC (the "Company").
UC Resources Ltd. is pleased to announce that it has closed a non-brokered private placement of $1,500,000 through the sale of 2,678,568 flow-through units (the "Units") at a price of $0.56 each to the MineralFields Group. Each Unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the purchaser to purchase one common share, which is not a "flow-through" share of the Company, at an exercise price of $0.80 for the first twelve-month period and $1.00 for the second twelve-month period following the closing date.
The Company will use the net proceeds of this flow-through private placement for working capital purposes and for Canadian Exploration Expenses (as defined in subsection 66.1(6) of the Income Tax Act (Canada)). The funds will be primarily used to explore the McFauld's Lake volcanic - hosted massive sulphide occurrence recently optioned from Spider Resources Inc. as announced on March 7, 2007.
All of the securities issued pursuant to this offering will have a hold period expiring July 10, 2007. The Agent, Limited Market Dealer Group, has received a 10% cash finder's fee in the amount of $150,000.00 and Finder's warrants equal to 10% of the number of Units issued sold under this private placement on the same terms as the Subscriber's warrants.
"We are very pleased to be entering into this relationship with MineralFields Group, and also are pleased with the fact that MineralFields Group decided to increase their interest from $1 million to $1.5 million", said Richard Hamelin, President. "This is an important milestone in the growth of UC Resources Ltd. and we look forward to working with MineralFields Group as we develop our holdings in Canada."
About MineralFields and Pathway
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralFields Group is available at www.mineralfields.com
About UC Resources Ltd.
UC Resources is a Canadian exploration, development and production company which has an opportunity-driven acquisition strategy. In addition to the Canadian McFauld's Lake volcanic-hosted massive sulphide ("VMS") project, it has several other projects, all in Mexico. The Company currently has a 1,500 sq. km. land package at its flagship Copalquin exploration property, located in Mexico's prolific Sierra Madres, and two production acquisitions, with an LOI on a third production asset.
On behalf of the board of directors,
Richard J. Hamelin, President/Director
For further information, contact UC Resources Vancouver Head Office at:
#1000, 355 Burrard Street, Vancouver, B.C. V6C 2G8 Canada
Toll Free: 1-800-366-8566 (Canada & USA)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.