Business & Finance
Business and Finance
Business and Finance
Wed, May 27, 2009
Tue, May 26, 2009 Shoreham Resources Ltd.: Shoreham Announces $3,000,000 Private Placement
LANGLEY, BRITISH COLUMBIA--(Marketwire - May 26, 2009) - Shoreham Resources Ltd. (TSX VENTURE:SMH), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada, is pleased to announce a private placement financing which is expected to raise $3,000,000 by the issuance of 12,000,000 Units at a price of $0.25 per Unit. Each Unit will consist of one (1) common share and one (1) common share purchase warrant exercisable at $0.30 for one (1) year. The Company has filed a price reservation Form 4A with the TSX Venture Exchange with respect to this financing. Finder's fees in cash and/or shares as allowed by the TSX Venture Exchange may be paid pertaining to this private placement. The Company had 50,792,300 shares issued and outstanding prior to the shares to be issued as a result of this private placement. The transaction has been approved by Shoreham's Board of Directors and is subject to Exchange Approval.
Most of the proceeds from this private placement will be for continued exploration and development of the Company's Marudi Mountain Project in Guyana. With adequate funding now available the Company can focus on developing our Guyana projects and begin diamond drilling our Marudi project and expanding the existing resources. A portion of the funds received will be used for general working capital purposes.
For further information please visit our website at [ www.shoreham.ca ] or contact our President and CEO Mr. David A. Bending at 604-533-9288. You may also go to [ www.agoracom.com ] where you can view comments posted on their site or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at [ mkachanovsky@shoreham.ca ] or Pro-edge Consultants Inc., Tracy Weslosky, at 1-416-581-1717 or via email at [ tracy@proedge.com ].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
