TORONTO, ONTARIO - Dec. 23, 2008 - David A. Bending, President and CEO of Shoreham Resources Ltd. (TSX VENTURE:SMH) and Shoreham's Board of Directors are pleased to announce the completion of a non-brokered Private Placement financing for $250,000 by Mulgravian Ventures Corporation arranged as part of the Black Banana farm-out transaction as News Released on December 22, 2008 as News Release 2008-22. The financing consists of the sale of 1,250,000 common shares of Shoreham Resources Ltd. at a price of $0.20 per share. There are no warrants attached to this financing. The transaction has been approved by Shoreham's Board of Directors and is subject to Exchange approval.
The Company will be using the funds generated from this financing to fund ongoing corporate expenses and to advance our Guyanese gold, diamond and PGM projects.
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 had 46,609,800 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 INFORMATION:
Shoreham Resources Ltd.
David Bending
President and CEO
(416) 867-1101
Fax: (416) 867-1222
Email: dabending@cs.com
Website: www.shoreham.ca
