United Reef Limited Provides Update On Proposed Reverse Takeover Transaction

United Reef Limited announced that it provide the following update further to its press releases dated December 5, 2011 with respect to a proposed reverse takeover transaction with Black Widow Resources Inc. (Black Widow). Pursuant to a non-binding letter of intent dated December 1, 2011 (LOI), United Reef and Black Widow agreed to complete a transaction that will result in a reverse takeover of United Reef by the shareholders of Black Widow. United Reef and Black Widow have been working to finalize a definitive amalgamation agreement with respect to the Transaction and, effective February 15, 2012, the parties agreed to extend the time for completion and execution of the definitive agreement until March 15, 2012, in accordance with the terms of the LOI. United Reef will announce completion of the definitive agreement once it has been executed by the parties. United Reef and Black Widow have agreed to complete the Transaction on or before May 31, 2012. Pursuant to the terms of the LOI, on December 5, 2011, Black Widow made an interest free and unsecured advance to United Reef in the amount of $25,000, evidenced by a promissory note, which is due and payable on November 30, 2012. Black Widow made a further interest free and unsecured advance to United Reef in the amount of $5,000 on February 9, 2012, which is also evidenced by a promissory note due and payable on November 30, 2012.