Shoreham Resources closes $881,375 financing
2010-03-05 09:18 ET - News Release
Mr. David Bending reports
SHOREHAM CLOSES PRIVATE PLACEMENT FINANCING
Shoreham Resources Ltd. has closed a non-brokered private placement financing, pursuant to which the company has issued an aggregate of 3,525,500 units of the company at a price of 25 cents per unit, to raise gross proceeds to the company of $881,375. The financing closed on March 4, 2010.
Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each whole warrant is exercisable by the holder thereof to purchase an additional share at any time for a period of 18 months following the closing date at an exercise price of 40 cents per share.
Commissions and finders' fees are payable in respect of the financing to parties at arm's length to the company, consisting of aggregate cash finder's fees of $33,150 and finder warrants exercisable by the holders thereof to purchase an aggregate of up to 69,600 shares at an exercise price of 40 cents per share at any time for a period of 1 year following the closing date.
All securities issued in the financing will be subject to a hold period expiring 4 months and 1 day following the closing date.
David Bending, MSc, PGeo, president and chief executive officer of Shoreham Resources Ltd., a qualified person as defined in National Policy 43-101 (NI 43-101), is responsible for and has reviewed all technical information contained in this news release. Mr. Bending reports that: "The recent transactions in Guyana and this placement represent another important milestone in growing Shoreham Resources Ltd. We are committed to developing the targets we have identified in both Guyana and Northern Ontario. These funds will be utilized for generative programs, advancing our exploration projects, and general and administrative needs."
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