LANGLEY, BRITISH COLUMBIA--(Marketwire - May 27, 2009) - Further to the News Release dated May 26, 2009, Shoreham (TSX VENTURE:SMH) has suspended its plans to complete a Private Placement Financing at $0.25, which was negotiated to raise $3,000,000 for development of the Marudi Mountain Project. The price protection application filed May 19, which specified and requested approval for the placement and warrant prices, must be adjusted and the price adjusted accordingly due to the impact of news which was subsequently released.
Shoreham will continue to pursue additional financing with emphasis on funds for the Marudi Mountain Project but not at the price specified. The company currently has sufficient funds including joint venture funding for timely and efficient advancement of its programs and will continue to consider funding options to accelerate the development of its flagship Marudi Mountain Project.
Shoreham Resources Ltd. (TSX VENTURE:SMH - News) is a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada.
For further information please visit our website at www.shoreham.ca or contact our President and CEO Mr. David A. Bending at 604-533-9288. You may also go to www.agoracom.com where you can view comments posted on their site or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mkachanovsky@shoreham.ca or Pro-edge Consultants Inc., Tracy Weslosky, at 416-581-1717 or via email at tracy@proedge.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
