CALGARY, April 17 /CNW/ - Unitech Energy Resources Inc. ("Unitech")
(TSXV: URX) announces that it proposes to raise up to $200,000 in gross
proceeds by way of a non-brokered private placement offering of up to
1,000,000 units ("Units") of Unitech at a price of $0.20 per Unit. Each Unit
will consist of one common share and one-half of a non-transferable common
share purchase warrant ("Warrant") of Unitech. Each Warrant will entitle the
holder to purchase one additional common share of Unitech at a price of $0.25
per share for a period of 12 months from the closing of the offering.
The closing of the offering is expected to occur on or about April 30,
2007 and the net proceeds from this offering will be used to fund Unitech's
exploration programs as well as for general corporate purposes.
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
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. The company 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.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for, the adequacy or accuracy of this release.
For further information:
For further information: Unitech Energy Resources Inc.: Steve Price,
President, T: (403) 236-1170, E: email@example.com; CHF Investor Relations:
Robin Cook, Account Manager (ext. 228); Barry Leung, Broker Relations Account
Manager (ext. 247), T: (416) 868-1079, E: firstname.lastname@example.org or email@example.com