Sheltered Oak completes $553,000 private placement

2009-07-23 16:51 ET - News Release

Mr. Robert Hanson reports

SHELTERED OAK RESOURCES CORP. - COMPLETION OF PRIVATE PLACEMENT

Sheltered Oak Resources Corp. has completed a non-brokered private placement with the MineralFields Group and others for: (i) 818,000 units of the company at a price of 11 cents per unit (each unit is consisting of one common share in the capital of the company and one-half of one transferable common share purchase warrant, and each warrant shall entitle its holder to acquire one common share in the capital of the company at an exercise price of 17 cents per share for a period of 12 months from the date of closing); and (ii) 4,209,271 flow-through units of the company at a price of 11 cents per flow-through unit (each flow-through unit consisting of one common share in the capital of the company issued on a flow-through basis and one-half warrant) for total proceeds of $553,000. The units and flow-through units are subject to a hold period expiring Nov. 24, 2009.

"We are very pleased to continue our relationship with MineralFields Group," said Robert Hanson, chief executive officer. "This is another important milestone in the growth of Sheltered Oak Resources and we look forward to working with MineralFields Group as we develop our holdings on the Kerrs property."

In connection with the private placement, the company paid finders' fees of $38,860 to certain finders including Limited Market Dealer Inc., Altus Securities Inc. and Jones Gable & Company Ltd. The company also issued 386,821 non-transferable compensation options to the finders. Each compensation option is exercisable into one unit on similar terms as each unit described above. Each compensation option will expire 12 months after the closing date.

The company will use the proceeds from the private placement for further exploration on the Kerrs property and for working capital purposes.