Trading Symbol: (TSX - V): URC
VANCOUVER, Dec. 21 /CNW/ - Uracan Resources Ltd. has completed a private
placement of 12,860,000 units at $0.60 per unit for proceeds of $7,716,000
($5,262,000 of which constitutes flow through funds) as previously announced
on December 6, 2007. Each unit consists of a share and half of a warrant to
purchase an additional share at $1.00 until December 21, 2009.
All securities issued pursuant to the private placement are subject to a
four month hold period expiring April 22, 2008.
Proceeds from the private placement will be used to fund the ongoing
exploration programs at the Company's North Shore project in Quebec and its
Pipewrench Lake project in Saskatchewan, as well as for working capital.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The
foregoing information may contain forward-looking statements relating to
the future performance of Uracan Resources Ltd. Forward-looking
statements, specifically those concerning future performance, are subject
to certain risks and uncertainties, and actual results may differ
materially. These risks and uncertainties are detailed from time to time
in the Company's filings with the appropriate securities commissions
For further information:
For further information: Gregg J. Sedun, President and CEO, OR John
Sutherland, CFO, (604) 682-5580; Keith Schaefer, Vanguard Shareholder
Solutions Inc., (604) 608-0824, www.vanguardsolutions.ca