UNX Energy Corp. has entered into an agreement with Macquarie Capital Markets Canada Ltd. (Macquarie), on behalf of a syndicate of underwriters led by Macquarie that includes Cormark Securities Inc., Clarus Securities Inc., FirstEnergy Capital Corp., Raymond James Ltd. and Octagon Capital Corp. (collectively the 'Underwriters') pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, 9,100,000 common shares of the Company ('Common Shares') (the 'Offered Shares') at CAD$3.30 per Common Share (the 'Issue Price') for gross proceeds of CAD$30,030,000 (the 'Offering'). The Company has also granted to the Underwriters an over-allotment option entitling the Underwriters to acquire, at the Issue Price, up to an additional 1,365,000 Common Shares or such lesser number of Common Shares equal to the over-allocation position determined at the closing of the Offering. The over-allotment option is exercisable by the Underwriters, in whole or in part, at any time for 30 days following closing of the Offering.

The Offering is subject to certain conditions and normal regulatory approvals (including the approval of the TSX Venture Exchange). The Common Shares will be offered in each of the provinces of Canada, other than Québec, by way of a short form prospectus and on a private placement basis elsewhere. Closing is anticipated to occur on or about November 9, 2010.

The net proceeds of the Offering will be used to fund UNX's ongoing exploration activities in Namibia, Africa, including recently expanded 3D seismic campaigns in the Orange Basin and other exploration initiatives, in addition to general corporate purposes.

'In addition to our existing capital, this financing brings our total Namibian focused investments to more than 400 Million Namibian dollars,' said Mr. Gabriel Ollivier, President and CEO of UNX. 'Along with our Namibian partners, we are encouraged by the continued support of the global capital markets, as demonstrated by this financing, in our efforts towards hydrocarbon development in Namibia.'

The Common Shares are listed and posted for trading on the TSX Venture Exchange.

Tags: Universal Power Corp.