UC Resources Ltd.

UC Resources Ltd.

November 28, 2008 16:57 ET

UC Announces a Financing With the MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2008) - UC Resources Ltd. (TSX VENTURE:UC) announces that it has arranged a non-brokered private placement by the sale of 10,000,000 flow-through units at $0.10 per flow-through unit. Each flow-through unit will consist of one flow-through common share and one-half of one non-flow-through share purchase warrant. Each whole warrant will be exercisable into one common share for a period of two years from closing of the financing, at a price of $0.20 per share. The financing is subject to regulatory approval.

A commission of 6% in respect to the gross proceeds received will be paid and compensation options equal to 8% of the number of units sold may be issued to finders. Each compensation option shall be exercisable at a price of $0.10 into one compensation unit for a period of two years from the date of closing. Each compensation unit will consist of one non-flow-through common share and one-half of one non-flow-through share purchase warrant. The warrants will have the same exercise price and terms as the warrants issued to the subscribers.

"We are very pleased to be entering into this relationship with MineralFields Group," said Jim Voisin, President and CEO. "This is an important milestone in the growth of UC Resources Ltd. and we look forward to working with MineralFields Group as we continue to develop our holdings in the McFaulds region."

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

In addition to the private placement with the MineralFields Group, the Company is also pleased to announce it has reached agreements for the sale of an additional 3,500,000 flow-through units to raise additional proceeds of $350,000, on the same terms and conditions of the MineralFields Group private placement.

UC Resources is an active explorer of base metals in the McFaulds Lake area of the James Bay Lowlands, Ontario, and an explorer and a very near term producer of precious metals in Mexico.

On behalf of the Board of Directors,

Jim Voisin, President & CEO

UC Resources Ltd.

We seek safe harbour.

Contact Information

  • UC Resources Ltd.
    Jim Voisin
    President & CEO
    Toll Free: 1-800-366-8566 (Canada & USA) or (604) 681-7265
    (604) 608-6163 (FAX)
    Website: www.ucresources.net