UC Resources Ltd.: Private Placement Oversubscribed

VANCOUVER, BRITISH COLUMBIA, Dec 24, 2010 (MARKETWIRE via COMTEX News Network) --

UC Resources Ltd. (TSX VENTURE: UC) -

The Company is pleased to announce it has closed private placements for a total of 16,278,635 units at $0.11 per unit to raise gross proceeds of $1,790,650. Refer to the Company's earlier news release dated November 26, 2010 for further details of the offering.

The Company completed the sale of 6,863,635 units to the MineralFields Group of Companies to raise proceeds of $755,000. The Company paid cash commissions of $45,300 and issued finder's options for the purchase of up to 509,090 units at $0.11 per unit. Each unit was comprised of one common share and one-half of a warrant. Each full warrant entitles the holder thereof to purchase an additional share at a price of $0.13 for two years from the date of closing.

The Company completed the sale of an additional 9,415,000 units to other investors to raise proceeds of 1,035,650. All units were sold at $0.11 per unit and contained the same terms.

A finder's fee of $4,400 was paid in connection with the additional financing.

All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units and any shares issued upon exercise of the finder's options, are subject to resale restrictions expiring between April 17 to April 24, 2011.

The Company intends to use the proceeds from the private placements to expand its planned McFauld's drilling program, airborne survey and for general corporate purposes.