Unity to Proceed With $1.2M Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/12 -- Unity Energy Corp., (the 'Company') (TSX VENTURE: UTY) is pleased to announce that it intends to proceed immediately with a non-brokered private placement to raise up to $1,250,000 by selling an aggregate of up to 5,000,000 common shares at a price of $0.25 per share. Both flow-through and non-flow-through shares are being sold through the offering. All securities will be subject to a statutory hold period of four months plus a day from the date of issuance, in accordance with applicable securities legislation. Proceeds from the offering will be used to finance exploration programs on the Company's uranium properties, located in the Athabasca basin of Northern Saskatchewan, to meet minimum listing requirements for the proposed spin-off of Patrone Gold Corp. and for general working capital purposes.
Regarding the placement, Anita Algie, President commented, 'Recent events, such as Canada's new trade agreement to increase uranium exports to China and the permitting of two new reactors in Georgia, USA (the first since 1978), all speak to recovery in the uranium sector. This financing will allow Unity to further develop its Waterbury Lake Property, just approx. 11km south of the Roughrider Deposit, which was acquired by Rio Tinto earlier this year.'
On Behalf of the Board of Directors of Unity Energy Corp.
Anita Algie, Bsc Hon., President
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.
Contacts:
Unity Energy Corp.
604-681-0004
www.unityenergycorp.com