Unitech Energy completes fully subscribed private placement



    CALGARY, Dec. 21 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:
URX) is pleased to announce that it has completed the second and final tranche
of its previously announced non-brokered private placement of special warrants
issued on a flow-through basis ("Special Warrants"). Unitech today issued an
aggregate of 9,679,558 Special Warrants at a price of $0.09 per Special
Warrant for gross proceeds of $871,160.22, bringing the aggregate proceeds
raised under the fully subscribed offering to $1,350,000. 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 issued.
    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
symbol URX.

    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 steve.price@shaw.ca; CHF Investor Relations,
Robin Cook, Account Manager, T (416) 868-1079 (ext. 228), robin@chfir.com

Organization Profile

UNITECH ENERGY RESOURCES INC.

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