Shoreham raises $900,000 from warrant exercise

Shoreham Resources Ltd (C:SMH)
Shares Issued 71,434,798
Last Close 5/27/2010 $0.21
Friday May 28 2010 - News Release

Mr. David Bending reports

SHOREHAM ANNOUNCES WARRANTS EXERCISED AT ABOVE MARKET

Mulgravian Ventures Corp. has exercised common share purchase warrants to acquire 1.5 million common shares of Shoreham Resources Ltd. at a price of 60 cents per share, for gross proceeds to the company of $900,000. The $0.60 Warrants were issued as part of the $600,000 non-brokered private placement (the "Mulgravian Private Placement"), previously announced in the Company's news release dated April 28, 2009.

The exercise of the $0.60 Warrants was also one of the option exercise requirements in respect of Mulgravian's outstanding option to acquire a 51% joint venture interest in Shoreham's Guiana Shield Project. Another requirement related to the Guiana Shield Project option is the exercise of 500,000 warrants at a price of $1.20, which were also issued pursuant to the Mulgravian Private Placement and remain outstanding.

David Bending, M.Sc., P. Geo., President and CEO of the Company, reports that: "Mulgravian continues to be an excellent partner in meeting its warrant funding obligations and the development of the joint ventured properties."