Pacific Centre, P.O. Box 10144
Suite 1818 701 West Georgia Street, Pacific Centre, P.O. Box 10144 Vancouver, British Columbia V7Y 1C6 Tel: 6046891799 Fax: 6046898199
April 5, 2011 TSX.V: UAV
Universal Wing announces Amended Private Placement and Completion of First Tranche of Private Placement
Universal Wing Technologies Inc. (the “Company”) announces that on March 14, 2011 it completed the first tranche of its unit private placement as previously announced on February 4, 2011. The Company raised gross proceeds of $224,000 in the first tranche through the issuance of 2,240,000 units at a price of $0.10 per unit (each, a “Unit”). Each unit consists of one common share and one 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 $0.15 per share. All securities issued in connection with the first tranche of this private placement are subject to a hold period expiring on July 15, 2011. The Company did not pay any commissions.
The Company also announces that pursuant to the above announced private placement, it has increased the offering from 5,000,000 Units to 5,790,000 Units at a price of $0.10 per unit for gross proceeds of $579,000, subject to the approval of the TSX Venture Exchange (the “Exchange”). A commission may be payable in either cash or securities in accordance with the policies of the Exchange.
The proceeds of the private placement will be used for general working capital.
On behalf of the Board of Directors
Universal Wing Technologies Inc.
Per:
“Declan Sweeney”
______________________ Declan Sweeney CEO and Director
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.
CW4224231.1