Cat out of the bagPinetree capital has acquired shares in both macmillan and shoreham smh.h, the were suppose to the releasing the results on their JV property however the results are slow in coming.
Both these companies share management allowing them to double up on their participation in a good opportunity. Both companies have loaded up on cash however shoreham has a lot less shares outstanding.
From the new release
David Bending, President & CEO of Shoreham Resources Ltd. (TSX VENTURE:SMH) is pleased to announce that the Company has received final approval from the TSX Venture Exchange for the private placement with terms as news released March 21, 2007. The Company has raised $1,360,000 by way of a private placement. The financing consisted of 5,440,000 shares at a price of $0.25 with 5,440,000 18-month warrants expiring September 28, 2008. Each warrant entitles the purchaser to obtain a common share at a price of $0.35. The warrants have a forced exercise provision which allows the Company to news release an earlier expiry date of 30 days from the news release date if the shares have traded for $0.75 or more for 10 consecutive trading days. The shares and warrants are restricted until July 29, 2007.
The financing was completed with 2 insiders for $35,000, 19 individuals for $350,000, 5 corporations for $100,000, and 2 institutional investors for $875,000.
Finder's fees in cash, shares, and broker warrants as allowed by the TSX Venture Exchange were paid pertaining to this private placement as follows:
Granite Associates Ltd. Mississauga ON $36,600 and 46,400 broker warrants Power One Capital Markets Limited Toronto ON 100,000 broker warrants Michael Cormack Burlington ON 92,400 shares
The broker warrants entitle the holder to obtain a common share at a price of $0.25 for 18 months until September 28, 2008. The broker warrants have a forced exercise provision which allows the Company to news release an earlier expiry date of 30 days from the news release date if the shares have traded for $0.50 or more for 10 consecutive trading days.
The Company has 29,509,053 shares issued and outstanding after issuance of the 5,532,400 shares issued pursuant to this private placement.