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Message: Announces Completion of Private Placement Plans Additional Financing

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Announces Completion of Private Placement Plans Additional Financing

posted on May 15, 09 08:41AM
May 15, 2009
Seafield Announces Completion of Private Placement Plans Additional Financing
TORONTO, ONTARIO--(Marketwire - May 15, 2009) - Seafield Resources Ltd. (the "Company")(TSX VENTURE:SFF) is pleased to announce the completion of a private placement with Vistior Capital Limited ("Vistior") of 6,771,429 common shares at a price of $0.035 per common share for gross proceeds of $237,000. The securities issued are subject to a four month hold period.

Seafield also plans an additional non-brokered private placement of up to 12,500,000 units at $0.04 for gross proceeds of $500,000. Each unit will consist of one common share and one full warrant exercisable for one common share at $0.10 for a period of two years. The warrants will also be subject to a forced conversion such that, if Seafield shares close at a price higher than $0.20 per share for 20 consecutive days, the warrant holders will have 30 days to exercise. All securities issued pursuant to the private placement will be subject to a four-month hold period from the closing date. Finders' fees may be payable on the non-insider portions of the private placement. The private placement is subject to approval from the TSX Venture Exchange.
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