Universal announces closing of 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
April 21st 2011 TSX Venture: UAV
Universal announces closing of Private Placement
Universal Wing Technologies Inc. (the “Company”) is pleased to announce the closing of the second and final tranche of its private placement of $355,000 or 3,550,000 units. The original private placement was announced on Feb 4, 2011. The first tranche of the private placement closed on March 14th 2011. The first closing consisted of 2,240,000 units for gross proceeds of $224,000.
The units are non flow-through units at a price of $0.10 per unit with each non flow-through unit consisting 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. The units are subject to a hold period expiring on August 15th, 2011. The company did not pay any commissions
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