VANCOUVER, Nov. 16 /CNW/ - Uracan Resources Ltd. (the "Company") has closed its previously announced private placement of 16,982,332 units (of which 16,318,666 are flow-through) at $0.30 per unit for gross proceeds of $5,094,699. Each unit consists of one common share and one half of a share purchase warrant entitling the holder to purchase one common share of the Company until May 16, 2011.
The proceeds will be used to continue development of the Company's Quebec and Saskatchewan properties, and for working capital. No finder's fees were paid in connection with the placement. The securities issued in connection with the private placement are subject to a four month hold period expiring on March 14, 2009.
Investors are invited to visit the Uracan Resources IR Hub at http://agoracom.com/ir/UracanResources where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to URC@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time. They can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
Neither the 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. 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.
SOURCE Uracan Resources Ltd.
For further information: For further information: Gregg J. Sedun, President & CEO, (604) 682-5580; David Fry, Corporate Development, (778) 330-2759; Keith Schaefer, Vanguard Shareholder Solutions, (604) 608-0824; Marc Simpson, Exploration Manager, (604) 682-5580