UNCO | Unico, Inc Receives $235,000 In Funding

OTCBB Penny Stock News

Jul 29, 2008 10:00:00 AM
SAN DIEGO, CA -- (MARKET WIRE) -- 07/29/08 -- Unico, Incorporated (OTCBB: UNCO), a natural resource company in the precious metals mining sector, today announced the receipt of an additional $235,000 in financing through the sale of four new convertible debentures to Moore Investment Holdings, LLC, a Nevada limited liability company.

Details of the financing are included in a Form 8-K filed with the Securities and Exchange Commission on July 28, 2008.

The funding is being utilized to continue upgrades and improvements to the floatation circuit at the mill and processing facility at the Deer Trail Mine in Marysvale, Utah. Unico's wholly owned subsidiary, Deer Trail Mining Company, LLC, recently announced the completion of the floatation circuit at the mill and processing facility at the Deer Trail Mine. Repairs and improvements have recently been undertaken in order to facilitate more effective and efficient operations at the mill, and the company looks forward to the next steps at the facility, which are expected to include the production of concentrates.

The $235,000 in funding includes convertible debentures of $10,000 dated July 14, 2008; $25,000 dated July 16, 2008; $100,000 dated July 18, 2008; and $100,000 dated July 23, 2008.

Including the $235,000 received as a result of these debentures, Unico has received a total of $1,415,000 in financing since the beginning of the 2008 calendar year to help stimulate operations at the Deer Trail Mine.

"This funding comes at an important time for the company as we complete upgrades and refinements to the floatation circuit at the Deer Trail mill facility," stated Mark A. Lopez, chief executive officer of Unico, Inc. "We expect to provide additional information on the status of our project at the Deer Trail Mine in the coming days, including preparations for potential future underground mining activities at the site."