Shoreham Completes $510,000 Non-Brokered Flow-Through Financing at $0.15 per Share
TORONTO, ONTARIO - Dec. 18, 2008) - David A. Bending, President and CEO of Shoreham Resources Ltd. (TSX VENTURE:SMH - News) and Shoreham's Board of Directors are pleased to announce the completion of a non-brokered Flow-Through financing for $510,000. The financing consists of the sale of 3,400,000 common shares of Shoreham Resources Ltd. at a price of $0.15 per share. There are no warrants attached to this financing. The Company has reserved the right to apply 15% of the funds received towards corporate and administration costs. The transaction has been approved by Shoreham's Board of Directors and is subject to TSX Venture Exchange approval.
The Company will be using the funds generated from this financing to advance our uranium, molybdenum and silver projects in north-western Ontario. A winter drilling program is planned to begin when sufficient ice has formed to provide access via winter roads.
Shoreham Resources is a Canadian based exploration company listed and trading on the TSX-V exchange under the trading symbol "SMH" with molybdenum, silver and uranium targets in Canada and recent discoveries on our Black Banana and Marudi Mountain gold projects in Guyana.
The Company has 43,209,800 shares outstanding prior to this News Release.
David Bending, President and CEO of Shoreham Resources Ltd., states, "Shoreham is fortunate to have been able to attract this significant above market priced investment in our Company."
The TSX-V Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.
Contact:
David Bending
Shoreham Resources Ltd.
President and CEO
(416) 867-1101
(416) 867-1222 (FAX)
Email: dabending@cs.com
Website: www.shoreham.ca
