I look at this as good news.
Were back from half time. First down and we just
through the ball.
Shoreham arranges $210,000 financing with Mulgravian
2009-11-04 09:19 ET - News Release
Mr. David Bending reports
SHOREHAM ANNOUNCES $210,000 NON BROKERED PRIVATE PLACEMENT AT ABOVE MARKET
Shoreham Resources Ltd. is arranging a non-brokered private placement with Mulgravian Ventures Corp. which is expected to raise gross proceeds of $210,000 by the issuance of 700,000 units at a price of 30 cents per unit. Each unit consists of one common share of Shoreham Resources along with three-quarters of a common share purchase warrant. One whole warrant entitles the subscriber to acquire one further common share of Shoreham Resources. Two-thirds of the share purchase warrants may be exercised at any time at a price of 60 cents per share within one year from the date of issuance and one-third of the share purchase warrants may be exercised at any time at a price of $1.20 per share within two years of the date of issuance. Exercise of all warrants under this private placement is a condition precedent to Mulgravian Ventures maintaining its rights to joint venture Shoreham's Five Star project. The agreement specifies that the proceeds of the warrants shall be dedicated to work in or directly related to Shoreham's Guyana programs. The proceeds of the initial placement shall be available for other purposes at Shoreham's discretion.
The transaction has been approved by Shoreham's board of directors and is subject to exchange approval. Proceeds from this private placement will be used for continued exploration and development of the company's mineral properties and for general working capital purposes.
David Bending, MSc, PGeo, president and chief executive officer of Shoreham Resources, reports: "The Five Star transaction and this placement represent another important milestone in growing Shoreham Resources and developing the outstanding targets we have identified in Guyana. These funds will be utilized for generative programs, advancing the Marudi Mountain project, and general and administrative needs."
