Seafield Resources Ltd V.SFF

$654,970 raised by warrant exercise.

[StockBadBoy]

According to the MD&A filing on SEDAR by SFF last night, they apparently raised another $654,970 by exercise of warrants, also a small amount by option exercise by director and consultant. This is very good as it provides more cash flow (could also explain some of the selling but the net positive effect is good).

Also, the CCGC properties has an underlying property payment of $7,000,000 over about 30 months. This is very good in that it tells me that this property must have considerable merit for anyone to pay this much money. If you look at most other companies, the underlying property payments are almost insignificant in comparision (generally only tens or hundreds of thousands).
 
We are good to go here from my perspective, the next 6-12 months should be interesting. They have been on the property since the middle of March and the plan is to put drills in either this QTR or the next. 

Subsequent Events

(a) Subsequent to December 31, 2009, 625,000 warrants with an exercise price of
.10 and expiry

date of July 15, 2011, were exercised for cash proceeds of $62,500. In addition, 4,737,500

warrants with an exercise price of
.10 and expiry date of June 18, 2011, were exercised for cash

proceeds of $473,750. Also, 742,000 warrants with an exercise price of
.16 and expiry date of

October 22, 2011, were exercised for cash proceeds of $118,720.

(b) On January 13, 2010, an officer and director exercised 200,000 options at
.10 and on January

15, 2010, a consultant exercised 40,000 options at
.10.

(c) On March 5, 2010, Seafield signed a Definitive Agreement with privately-owned CCGC whereby

CCGC assigned all right, title, and interest in and to the Property located in the Quinchia district of

Colombia.

Consideration for the assignment and facilitating of the Property by Seafield consisted of cash

payments to CCGC and issuances to CCGC of common shares of Seafield. Within five days of the

binding date of the individual option agreements documented in the Definitive Agreement, Seafield

must pay an aggregate amount totalling 5,000,000 common shares and US$250,000. On the first

anniversary of the binding date of two of the option agreements, Seafield may elect to continue the

options and make a final payment to CCGC on each property of US$125,000 and an additional

1,000,000 common shares of Seafield. Seafield must also assume option payments on the

underlying properties totalling US$6,250,000 over 30 months.

In addition, Seafield will undertake to make aggregate exploration expenditures of not less than

US$650,000 on the property during the 12-month period following the binding date of the first

option payment to certain property owners.

Seafield has also established consulting contracts with two directors of CCGC so that they can

continue to assist in managing and supervising the exploration program on the Quinchia project.

(d) On March 5, 2010, 1,250,000 options to purchase common shares of the Company at a price of

.29 were granted to consultants of Seafield, expiring on March 5, 2013.

(e) On March 15, 2010, Seafield announced CCGC had assigned all rights, title and interest in two

mining concession contracts and one concession contract proposal, as well as its interest in an

optioned package of 22 additional permits consisting of eight mining concession contracts and 14

concession contract proposals. The total land package consists of 25 concessions and covers an

area of 6,283 hectares. Total consideration is 1.5 million shares of Seafield and US$75,000 to

CCGC and the assumption of option payments to underlying claim holders totalling US$750,000

over two years.