LANGLEY, BRITISH COLUMBIA--(March 16, 2009) - Shoreham Resources Ltd. (TSX VENTURE:SMH), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in South America and Canada is issuing this News Release to correct and clarify previously released information.
Finder's Fees
In Shoreham's News Release #2008-16 (October 7, 2008) David Taylor was identified as receiving 34,000 shares as a Finder's Fee in connection with the closing of the Shoreham Private Placement. This share issue has been cancelled and a cash finder's Fee of $6,800 was paid to Capital Street Group Investment Services, Inc. on March 10, 2009 after receipt of approval from the Exchange.
Black Banana Private Placement and Farm-In Agreement
The TSX Venture exchange has approved a revised Private Placement by Mulgravian Ventures Corp. into Shoreham Resources Ltd. undertaken as part of the Black Banana Property Farm-in Agreement whereby the initial $250,000.00 placement at $0.20 per share has closed - News Releases #2008-22 and #2008-23 (December 22 and 23, 2008). Pursuant to the December 22, 2008 News Release, Shoreham wishes to clarify that Mulgravian will not be required to participate in the second private placement as announced.
Shares for Debt Arrangement
The company made an arrangement on March 5, 2009 with RPT Uranium Corp. whereby an option payment due to RPT New Release #2007-05 (March 27, 2007) for $20,000 will be paid in common shares of Shoreham. Based on the closing price of Friday, March 13, 156,500 common shares will be issued to RPT at a discounted market price of $0.1275 per share (25% discount), and is subject to Exchange approval.
For further information please visit our website at www.shoreham.ca or our Investor Relations Hub at www.agoracom.com/IR/Shoreham where you can post questions and receive answers or review questions and answers already posted by other investors.
The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.
Contact:
Mike Kachanovsky
Shoreham Resources Ltd.
Investor Relations Representative
(604) 533-9288
(604) 533-9296 (FAX)
Email: mike@shoreham.ca
Website: www.shoreham.ca
