Universal announces Private Placement
UNIVERSAL WING TECHNOLOGIES INC.
Suite 1818 – 701 West Georgia Street, P.O. Box 10144 Vancouver, British Columbia V7Y 1C6 Tel: 604-689-1799 Fax: 604-689-8199
July 5, 2013 TSX Venture: UAV
Universal announces Private Placement
Universal Wing Technologies Inc. (the “Company”) is pleased to announce a private placement of up to $300,000 or 15,000,000 units at a price of $0.02 per unit (the “Unit”), subject to the approval of the TSX Venture Exchange (the “Exchange”). Each unit will consist of one common share and one share purchase warrant, with each share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of two years at a price of $0.05 per share in year 1 and $0.10 per share in year 2.
With reference to and in accordance with the Exchange's Bulletin dated April 12, 2013 Re: Private Placements – Extension and Modification of Temporary Relief From Certain Pricing Requirements (the “Temporary Relief Measures”), the Company intends to use the proceeds raised from the private placement to maintain and preserve its existing business activities and assets. The Company confirms that no funds raised as part of the Offering will be used to pay any liabilities owed to any related parties of the Company. The planned use of proceeds is approximately as follows:
Use of Proceeds
- G&A – Audit – Legal Fees $95,000.
- TSX Venture Exchange filing fees and finder’s fees $20,000
- Rent, Property and Government payments. $135,000
- Excluded Amount $50,000
The Offering was approved by the Company’s board of directors, excluding those directors that that have a direct interest in the Offering.
Finder's fees of up to 6% may be payable in cash or common shares of the Company in accordance with Exchange policies.
On behalf of the Board of Directors
Universal Wing Technologies Inc.
Per:
“Declan Sweeney”
Declan Sweeney CEO and Director
Forward Looking Statements
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forwardlooking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.
“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”.