Universal Wing Technologies Inc.(the “Company”) (TSX: V-UAV) announces that further to its news releases of November 29, 2009, and February 2, 2010, it has closed the second tranche of its non-brokered private placement. The second tranche consists of 149,422 units. Each unit consists of one common share of the Company and one non-transferable share purchase warrant, each warrant entitling the holder to purchase one common share of the Company for a period of one year, expiring on April 14, 2011 at a price of $0.20 per share.
All the securities issued in connection to the second tranche are subject to a hold period expiring on August 15, 2010.
Gross proceeds from the second tranche total $26,895.96. The first tranche, which closed on January 29, 2010, consisted of 2,038,967 units at $0.18 per unit for gross proceeds of $367,014.06. The proceeds of both tranches ($393,910.02) of the private placement will be used for general working capital.
There were no finder ’s fees payable in this transaction.
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.
