By Laura Lutz
Des Moines, March 21 - Shoreham Resources Ltd. announced a private placement of shares for C$1 million.
The company plans to sell 4 million shares at C$0.25 each.
Investors will receive a warrant for each share. Each warrant will be exercisable at C$0.35 for 18 months.
Expiry of the warrants may be accelerated to 30 days if the company's shares trade at or above C$0.75 for 10 consecutive trading days.
Settlement of the non-brokered deal is expected on March 30.
Proceeds will be used for working capital.
Prior to the placement, the company has 23,976,653 shares outstanding.
Shoreham is a Toronto-based resource company.
| Issuer: | Shoreham Resources Ltd.
|
| Issue: | Shares
|
| Amount: | C$1 million
|
| Shares: | 4 million
|
| Price: | C$0.25
|
| Warrants: | One per share
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | March 21
|
| Settlement date: | March 30
|
| Stock symbol: | TSX Venture: SMH
|
| Stock price: | C$0.24 at close March 20
|
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