Finally... I wonder if this means SGX/OAK 'know' Kerrs claims that recently lapsed and were re-staked will be reinstated to SGX/OAK?... or, if they have come to some suitable arrangement with those who quickly re-staked the claims?...
FYI.. although the claims that did lapse and were re-staked do account for a significant area of where previous Kerrs exploration work has been done, SGX/OAK still retain a massive land position at Kerrs that is unaffected by this dispute... including Kerrs south... area contiguous with EXS-v Eastford Lake and just 100 m or so from their discovery hole of 16.6g/t Au over 12 m... maps indicate this structure does spill onto SGX/OAK Kerrs property... never been drill tested as far as I know.
Good to finally see OAK get this out of the way so that exploration can continue.
Would be nice to see drilling announcement and plans released asap.
red911
Sheltered Oak closes $1.13-million financing
2009-09-24 15:56 ET - News Release
Mr. Robert Hanson reports
SHELTERED OAK RESOURCES CORP. - COMPLETION OF PRIVATE PLACEMENT
Sheltered Oak Resources Corp. has completed a non-brokered private placement with the MineralFields Group and others for 9.94 million units of the company at a price of 9.5 cents per unit and two million flow-through units of the company at a price of 9.5 cents per FT unit for total proceeds of $1,134,300. The units and FT units are subject to a hold period expiring Jan. 22, 2009. Each unit comprises one common share in the capital of the company and one non-transferable common share purchase warrant, and each warrant shall entitle its holder to acquire one common share in the capital of the company at an exercise price of 10 cents per share for a period of 12 months from the date of closing and at 12 cents per share for a period of 24 months from the date of closing. Each FT unit comprises one common share in the capital of the company issued on a flow-through basis and one warrant. The warrants expire 24 months from closing. However, in the event that the common shares trade with a closing price on the TSX Venture Exchange of greater than 20 cents per share for a period of 20 consecutive trading days at any time after four months and one day after the closing date, Sheltered Oak may accelerate the expiry date of the warrants by giving notice to the holders thereof, and in such case the warrants will expire on the 30th day after the date on which Sheltered Oak gives such notice.
In connection with the private placement, Sheltered Oak paid finders' fees of $16,644 to certain finders including Limited Market Dealer Inc. and Jennings Capital Inc. Sheltered Oak also issued non-transferable compensation options to the finders to buy 175,200 units. Each compensation option is exercisable into one unit on similar terms as each unit described above. Each compensation option will expire 12 months after the closing date.
Sheltered Oak will use the proceeds from the private placement for further exploration on the Kerrs property and for working capital purposes.
