CALGARY, Dec. 18 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:
URX) is pleased to announce that it has completed the first tranche of its
previously announced non-brokered private placement of special warrants issued
on a flow-through basis ("Special Warrants"). Unitech issued an aggregate of
5,320,442 Special Warrants at a price of $0.09 per Special Warrant for gross
proceeds of $478,839.78. The Special Warrants are convertible into a variable
number of Unitech common shares dependent on a reserves and valuation prepared
by an independent consulting engineering company of the test well (the "Well")
at its Keg River prospect in NE British Columbia. The Special Warrants, and
the Unitech common shares issuable upon conversion, will be subject to a
four-month hold period, commencing on the date the Special Warrants are
Unitech expects to complete a second tranche of the private placement on
or prior to December 31, 2007. Unitech will use the aggregate proceeds of the
private placement to fund the drillout and completion of the Well and earn an
additional working interest.
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. Unitech 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 firstname.lastname@example.org; CHF Investor Relations,
Robin Cook, Account Manager, T (416) 868-1079 (ext. 228), E email@example.com