Unitech Energy Resources Inc.

Unitech Energy Resources Inc.

June 20, 2011 18:55 ET

Unitech Energy Issues Additional Units Under Private Placement

CALGARY, ALBERTA--(Marketwire - June 20, 2011) -


Unitech Energy Resources Inc. ("Unitech" or the "Company") (TSX VENTURE:URX) is pleased to announce that it has it completed another tranche of its previously announced private placement of units (each, a "Unit"). Unitech issued a total of 42,828,300 Units at a price $0.05 per Unit for gross proceeds of $2,141,415. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at any time within two years of the date of issuance at a price of $0.10 per Common Share. If the Company effects a consolidation of its Common Shares at any time within 12 months of closing of the private placement on the basis of at least 2 old for 1 new, the exercise price of the Warrants will be reduced to $0.075 per Common Share (pre-consolidation).

In connection with the completion of this tranche of the private placement, Unitech paid aggregate cash finder's fees in the amount of $122,913.20 (representing an 8% cash finder's fee) and issued an aggregate of 3,072,830 warrants to eligible finders who introduced subscribers to the private placement. Each such warrant was issued to finders on the same terms as the Warrants comprising the Units. All of the securities issued under the private placement are subject to a four month resale restriction.

About Unitech

Unitech's business currently includes a wide range of oil and gas activities including oil and gas proprietary technologies, oil and gas exploration and oil and gas services, including oil and water disposal services. For additional details, please visit Unitech's website at www.unitechenergy.ca.

Reader Advisory

This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to "U.S. persons" (as such term is defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

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