United Reef Exercises Option and Acquires Dryden Area Claims/Withdraws Convertible Promissory Note Offering
![United Reef Exercises Option and Acquires Dryden Area Claims/Withdraws Convertible Promissory Note Offering](https://www.minenportal.de/media/goldseiten-news.jpg)
In mid-September, the Company announced that it was making an offering of convertible promissory notes to raise up to $800,000. Although management received expressions of interest in the offering before finalizing the proposed terms, we have not been able to generate sufficient interest in the present market environment to warrant a closing of this form of financing. As such, after consideration, the Company has decided to withdraw the offering while management investigates alternate means by which to finance the Company and address with shareholders the potential consolidation of our presently issued shares. We are continuing our efforts to monetize some of the Company's non-core assets.
United Reef is a Canadian precious metals exploration company focused on the identification of projects that host large structural features in geological settings favourable for gold mineralization with known gold occurrences, like our Santa Maria property near Dryden. The Company is continuing to evaluate additional gold projects. The Company's past-producing (Ni-Cu) Nickel Offsets (Ross) Mine property is under option and being actively explored to follow up recent discoveries of high grade Ni and PGM values in drill intercepts. The Company has seasoned management and a highly experienced technical team of directors and consultants guiding United Reef's exploration and project evaluation.
For further information about United Reef please visit our website at www.unitedreef.com.
Shares issued: 89,109,980
Fully diluted: 94,899,980
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.
Contact Information
United Reef Limited
Michael D. Coulter, President & Chief Executive Officer
416-368-3332
info@unitedreef.com
www.unitedreef.com