Updated: 2015-01-23 - 15:48:00
UC Resources Symbol: UC.V
UC Resources Ltd.: Vancouver, British Columbia: Trading Symbol: TSXV:UC. UC Resources Ltd. ("UC" or "the Company") is pleased to announce that it closed the strategic $4.1 million brokered financing with PowerOne Capital Markets Limited, and its key finance partners.
Further to the companies news release of October 18th:
The private placement consisted of 5,777,777 non-flow-through units at $0.45 and 3,000,000 flow-through units at $.50. Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the purchaser to purchase one additional share at .70 cents per share for a period of two years. The Company has the right to accelerate the expiry date of the warrants, on not less than 30 days prior written notice, if the closing price of the common shares of the Company is at least $1.50 per share for any period not less than 30 consecutive trading days. The Company is pleased to welcome Sprott Asset Management, Rosseau Asset Management, Pinetree Capital Ltd. and Firebird Management LLC as key investors and participants in the financing.
Power One received a cash commission of $328,000 and a compensation option exercisable for 877,778 units for a period of two years at .45 cents per unit. Each unit consists of one share and one-half of one warrant, each whole warrant exercisable for one share at .70 cents per share for a period of two years.
As announced in the news release October 31st, the company raised an additional $714,450 by means of a non-brokered private placement.
All securities are subject to a hold period, which expires March 17, 2008.
The proceeds will be used to finance exploration programs on the Company's McFauld's Lake properties and for working capital purposes, as well as to continue with operational activities in Mexico.
UC Resources is an exploration company presently exploring for base metals in the McFauld's Lake area of Ontario, precious metals in Mexico and in the pre-production phase for gold/silver at the La Yesca mill in Mexico.
On behalf of the Board,
UC Resources Ltd.
For further information: Brian Gusko, CFO Contact Vancouver Head Office #1000, 355 Burrard Street Vancouver, B.C. V6C 2G8 Canada Toll Free: 1-800-366-8566 (Canada & USA)
Investors are invited to visit the UC Resources IR Hub at http://www.agoracom.com/ir/UCResources where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to UC@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
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 that are available at www.sedar.com.