Shoreham, Mulgravian Ventures property agreement

2010-06-10 18:20 ET - Property Agreement

The TSX Venture Exchange has accepted for filing documentation pertaining to a definitive option agreement dated May 21, 2010, between Shoreham Resources Ltd. and Mulgravian Ventures Corp., the optionee. Pursuant to the agreement, the optionee shall have the option to acquire a 51-per-cent interest in the 13 prospecting licences in Guyana. For further details of the licences, please refer to the exchange bulletin dated Nov. 10, 2009.

As consideration, the optionee had invested $600,000 (Canadian) in the company's private placement. For details of the private placement, please refer to the exchange bulletin dated June 9, 2009, and the company's news release dated April 28, 2009, and May 28, 2010. The optionee must also incur an aggregate of $5-million (U.S.) in work expenditures over a four-year period. In addition, the company will be paid a management fee of 10 per cent of the qualified expenditures in the programs.

For further information of the disposition, please refer to the company's news release dated April 27, 2009, and June 10, 2010.