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Seafield Resources Ltd.: Seafield Announces Completion of First Tranche of Private Placement

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^{Published in Business and Finance on Monday, June 22nd 2009 at 9:15 GMT, Last Modified on 2009-06-22 09:16:07 by Market Wire}  

TORONTO, ONTARIO--(Marketwire - June 22, 2009) - Seafield Resources Ltd. (the "Company")(TSX VENTURE:SFF) is pleased to announce that further to its press release dated May 15, 2009 announcing a proposed private placement of up to 12,500,000 units of the Company, it has completed the first tranche consisting of 8,612,500 units at a price of $0.04 per unit for gross proceeds of $344,500. Each unit is comprised of one common share and one common share purchase warrant, each warrant entitles the holder thereof to acquire a common share for a period of two years from the date of issuance, exercisable at a price of $0.10 per share. The warrants are also subject to a forced conversion such that, if the common shares of Seafield close at a price higher than $0.20 per share for 20 consecutive days, the warrant holders will have 30 days to exercise. The proceeds of the financing will be used for general working capital purposes.

The securities issued are subject to a four month hold period, expiring on October 19, 2009. Completion of the private placement is subject to final acceptance of the TSX Venture Exchange.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company relies on litigation protection for forward looking statements.

Neither 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.