UC Resources Ltd.

UC Resources Ltd.

August 24, 2009 16:26 ET

UC Resources Ltd. Announces Closing of Non-Brokered Private Placement With MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2009) - UC Resources Ltd. (TSX VENTURE:UC) -

Further to the Company's news release dated August 17, 2009, the Company is pleased to announce it has received TSX Venture Exchange approval for and closed a private placement of 7,692,307 flow-through shares, at a price of $0.13 per share, to raise proceeds of $1,000,000.

At the closing the Company paid a finder's fee to Limited Market Dealer Inc. in shares consisting of a commission equal to 4.5% (346,153 shares) of the proceeds raised, a due diligence fee of 4.5% plus G.S.T. ($47,250) of the proceeds raised, and finder's warrants exercisable to purchase 769,230 shares, at a price of $0.13 per share, for a period of two years from closing, expiring August 21, 2011.

All of the shares and any shares issued upon exercise of the finder's warrants are subject to a hold period and may not be traded in Canada until December 22, 2009, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.

UC Resources Ltd. 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.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada 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 (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

On behalf of the Board of Directors,

Jim Voisin, President & CEO

UC Resources Ltd.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • UC Resources Ltd.
    Vancouver Head Office
    Toll Free: 1-800-366-8566 (Canada & USA)