TSXV Trading Symbol: UC
VANCOUVER, Nov. 13, 2014 /CNW/ - UC Resources
Ltd. (the "Company") The Company announces that, having
received regulatory approval, and pursuant to the news release of
October 28, 2014 announcing the debt
settlements, the Company has satisfied an aggregate of $355,387.99 in debt owing and issued an aggregate
of 3,553,888 common shares of the Company at a deemed price of
$0.10 per share to certain creditors
for past expenses paid on behalf of the Company by the creditors
and past services provided to the Company by the creditors.
These securities are subject to a 4-month hold period and may not
be traded until March 1, 2015.
The Company would also like to announce that it has entered into
an equipment transfer agreement with CleanGen Inc. of Edmonton, Alberta that will see UC Resources
Ltd. assume $375,000 of debt owing to
Sunvault Energy Inc. by CleanGen Inc. for 250 KW of Trina model
solar panels in exchange for the ownership of the panels. Solar
panels in the Alberta market ,
where these reside, are valued at $1.50 per watt or $375,000 for 250 KW. The debt owing to Sunvault
will now be held and payable by UC Resources Ltd. at a date to be
determined by the parties through a loan agreement to be signed.
Interest is calculated at 8% on the total loan amount paid every
six months. Interest is waived if converted to UC common shares
through an Exchange approved shares for debt agreement within the
first six months. This is a related party transaction.
The Company has entered into this agreement to acquire these
panels for their potential to generate long term, sustainable
revenue.
"Providing above-ground renewable energy services to our focused
aboriginal market with our partners, Northern Light Aboriginal
Power Corp and Sunvault Energy Inc., could potentially enhance our
ability to secure subsurface rights for minerals, oil and gas and
other commodities," commented Gary
Monaghan, Executive Chairman of UC Resources.
The agreement is subject to board approval and will not be
closed until all diligence, including any regulatory approvals and
audit requirements are fulfilled.
On behalf of the Board of Directors,
Gary Monaghan
Executive Chairman
Neither the 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.
FORWARD LOOKING INFORMATION
Certain information in this news release is forward-looking
within the meaning of certain securities laws, and is subject to
important risks, uncertainties and assumptions. This
forward-looking information includes, among other things,
information with respect to the Company's beliefs, plans,
expectations, anticipations, estimates and intentions. The words
"may", "could", "should", "would", "suspect", "outlook", "believe",
"anticipate", "estimate", "expect", "intend", "plan", "target" and
similar words and expressions are used to identify forward-looking
information. The forward-looking information in this news release
describes the Company's expectations as of the date of this news
release. The results or events anticipated or predicted in such
forward-looking information may differ materially from actual
results or events. Material factors which could cause actual
results or events to differ materially from a conclusion, forecast
or projection in such forward-looking information include, among
others, risks arising from general economic conditions and adverse
industry events. The Company cautions that the foregoing list of
material factors is not exhaustive. When relying on forward-looking
information to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. The Company has assumed that the material
factors referred to in the previous paragraph will not cause such
forward-looking information to differ materially from actual
results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE
TO UPDATE THIS INFORMATION ON AT ANY PARTICULAR TIME.
SOURCE UC Resources Ltd.
