Underworld Resources Announces Closing of $2.68 Million Private Placement
30 Outubro 2008 - 3:37PM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Underworld Resources Inc. (the "Company") (TSX VENTURE:UW) is pleased to
announce that it has closed the first tranche of a brokered private placement
announced on October 16, 2008 with Canaccord Capital Corporation ("Canaccord" or
the "Agent") consisting of 4,875,381 flow-through common shares (the
"Flow-Through Common Shares") at a price of $0.55 per Flow-Through Common Share
for gross proceeds of C$2,681,460 (including Flow-Through Common Shares sold
under the Over-Allotment Option granted to the Agent).
The Company intends to use the net proceeds for exploration of its mineral
properties. Expenditures from the Flow-Through Common Shares will constitute
Canadian exploration expenses (as defined in the Income Tax Act) and renounced
for the 2008 taxation year.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, Chairman & Director
Underworld Resources Inc. (TSXV:UW)
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