UC Resources Closes Strategic $4.1 Million Brokered Financing With PowerOne Capital Markets Limited
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2007) - UC Resources Ltd. (TSX VENTURE:UC) ("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,
Jim Voisin, President
