UTS Energy Corporation
TSX : UTS

UTS Energy Corporation

November 10, 2006 07:56 ET

UTS Energy Corporation Announces $ 15.6 Million Flow Through Financing

CALGARY, ALBERTA--(CCNMatthews - Nov. 10, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

UTS Energy Corporation ("UTS") (TSX:UTS) is pleased to announce today that it has entered into a private placement flow-through common share financing agreement, on a bought deal basis, with an underwriting syndicate led by RBC Capital Markets and FirstEnergy Capital Corp., and including Genuity Capital Markets, Sprott Securities Inc. and TD Securities Inc. Under this agreement, UTS will issue from treasury, 2,496,000 common shares on a "flow-through" basis at a price of $6.25 per share for aggregate gross proceeds of $15.6 million. The flow-through common share offering is scheduled to close on November 24, 2006, and is subject to regulatory approval and completion of definitive documentation. Proceeds from the private placement will be used for funding seismic and core drilling expenses.

UTS Energy Corporation is based in Calgary, Alberta. The Company's common shares (UTS) are traded on the Toronto Stock Exchange.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact relating to the Company, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions may or will occur. Forward-looking statements such as the references to anticipated development plans and recoverable resources referenced in this news release are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward looking statements. A description of certain risks and uncertainties that may impact these forward looking statements is contained in the Company's Annual Information Form. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward looking statements.

Contact Information

  • UTS Energy Corporation
    Dr. William J. F. Roach
    President and Chief Executive Officer
    (403) 538-7030
    or
    UTS Energy Corporation
    Wayne I. Bobye
    Vice-President and Chief Financial Officer
    (403) 538-7030