LANGLEY, CANADA, November 4, 2009 - Shoreham Resources Ltd. (the "Company" or "Shoreham") (TSX-V: "SMH"), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada, is pleased to announce a non-brokered private placement with Mulgravian Ventures Corporation which is expected to raise gross proceeds of $210,000 by the issuance of 700,000 units at a price of $0.30 per unit. Each unit consists of one common share of Shoreham Resources along with ¾ of a common share purchase warrant. One whole warrant entitles the subscriber to acquire one further common share of Shoreham Resources Ltd. 2/3 of the share purchase warrants may be exercised at any time at a price of $0.60 per share within one (1) year from the date of issuance and a 1/3 of the share purchase warrants may be exercised at any time at a price of $1.20 per share within two (2) years of the date of issuance. Exercise of all warrants under this private placement is a condition precedent to Mulgravian Ventures Corporation maintaining their 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.
Mr. David Bending, M.Sc., P. Geo., President and CEO of Shoreham Resources Ltd. reports that: "The Five Star Transaction and this placement represent another important milestone in growing Shoreham Resources and developing the outstanding targets we have indentified in Guyana. These funds will be utilized for generative programs, advancing the Marudi Mountain Project, and general and administrative needs."
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. Additional details concerning the company's projects and plans are accessible at www.agoracom.com
Neither 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.
