New Klondike Exploration Ltd.

News Detail

United Reef Closes Private Placement of 2,440,000 Units

Date : Nov 12, 2010

United Reef Limited (TSXV: URP) (“United Reef”) is pleased to announce that it has closed a $122,000 non-brokered private placement consisting of 2,440,000 Units at a price of $0.05 per Unit. The Units issued consisted of 1,250,000 flow-through units, consisting of one common share and one common share purchase warrant (a “Warrant”). The remaining 1,190,000 Units were issued on a non-flow-through basis with each unit consisting of one common share and one Warrant. Each Warrant entitles the holder to purchase one common share at $0.10 until November 11, 2012. All of the common shares and Warrants issued pursuant to the private placement are subject to a four-month regulatory re-sale restriction until March 13, 2011.


Michael Coulter, President and Marilyn Turner, Secretary of United Reef each subscribed for 150,000 Units and William Ollerhead, a director of United Reef, subscribed for 650,000 Units of the private placement.


The proceeds of the private placement will be used to fund an initial drilling program on the Company’s Nixon Bartleman property in west Timmins, Ontario and for general corporate purposes.


Upon completion of the private placement United Reef has a total of 88,209,980 common shares issued and outstanding.

For further information about United Reef please visit our website at or contact Michael Coulter, President at 416-368-3332 or email:


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.