United Reef Limited
TSX VENTURE : URP

United Reef Limited

December 30, 2010 09:20 ET

United Reef Closes Private Placement of 500,000 Units

TORONTO, ONTARIO--(Marketwire - Dec. 30, 2010) - United Reef Limited (TSX VENTURE:URP) ("United Reef") is pleased to announce that it has closed an additional $25,000 non-brokered private placement consisting of 500,000 Units at a price of $0.05 per Unit. The Units issued were flow-through units, consisting of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at $0.10 until December 29, 2012. All of the common shares and Warrants issued pursuant to the private placement are subject to a four-month regulatory re-sale restriction until May 1, 2011. The Units were offered on the same terms as the private placements closed by United Reef during November 2010. 

Mr. George Supol, CA-IT, Chief Financial Officer of United Reef subscribed for 100,000 Units of the private placement.

The proceeds of the private placement will be used to fund an initial drilling program on the Company's Nixon Bartleman property in west Timmins, Ontario.

Upon completion of the private placement United Reef has a total of 88,909,980 common shares issued and outstanding.

The Company is continuing to advance its strategy as a Canadian focused gold explorer as we plan for an active year ahead of exploration on our gold projects. For further information about United Reef please visit our website at www.unitedreef.com.

Neither 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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