Universal Power Corp.

Universal Power Corp.

June 11, 2008 13:03 ET

Universal Closes First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2008) - Universal Power Corp. (TSX VENTURE:UNX)(FRANKFURT:3U2A) (the "Company") announced today that it has closed the first tranche of its non-brokered private placement of up to 8,000,000 units previously announced on June 4, 2008. The second and final tranche of the financing will be completed this week.

Upon closing of the first tranche the Company has raised gross proceeds of $2,450,000 through the issuance of 7,000,000 units offered at a price of $0.35 per unit. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share at $0.50 for a period of 24 months from closing. In connection with the closing of the first tranche of the financing, the Company has paid a finder's fee to Fraser Mackenzie Limited of $196,000 and has issued to the finder 560,000 warrants exercisable at $0.50 for a period of 24 months from closing. The shares and warrants are subject to a TSX Venture Exchange hold period of four months and one day from closing.

Sprott Asset Management Inc has purchased 5,714,350 units on behalf of certain Sprott funds and managed accounts.

The net proceeds of the offering will be used by the Company for general working capital and to complete acquisitions for the Company's oil and gas prospects in Namibia, Africa.

About Universal

Universal Power Corp. is an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company's mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.


Barry Swanson, Director & CEO

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Universal Power Corp. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for our resources, competition and dependence on key personnel. These risks, as well as others, could cause actual results and events to vary significantly. Universal Power Corp. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

Shares Outstanding: 54,819,350

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

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