Upper Canada Gold Corporation Completes Non-Brokered Financing

TORONTO, March 16 /CNW/ - Upper Canada Gold Corporation (UCC: TSX-V) (the "Company") is pleased to announce that it has closed a non-brokered private placement pursuant to which it issued 952,381 common shares at a price of $0.21 per share for gross proceeds of approximately $200,000 (the "Offering").

In connection with the Offering the Company paid a commission to a registered dealer in the amount of 10% of the gross proceeds and issued broker warrants entitling the dealer to acquire 95,238 common shares at a price of $0.21 per share at any time until the second anniversary of the issuance of the broker warrants.

The proceeds from the private placement will be used to provide the Company with additional working capital.

The Company has 32,689,467 common shares outstanding following the completion of the Offering.

The securities issued in connection with the Offering are subject to a four month hold period.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE UPPER CANADA GOLD CORPORATION

For further information: For further information: please contact Michael Churchill, President and CEO, at (416) 678-0928

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UPPER CANADA GOLD CORPORATION

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