More Financing Arranged @ 0.30Good news for sure. Time to get things moving along.
GLTA
SHOREHAM ANNOUNCES $210,000 NON BROKERED PRIVATE PLACEMENT AT ABOVE MARKET
ShorehamResources Ltd. is arranging a non-brokered private placement withMulgravian 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 perunit. Each unit consists of one common share of Shoreham Resourcesalong with three-quarters of a common share purchase warrant. One wholewarrant entitles the subscriber to acquire one further common share ofShoreham Resources. Two-thirds of the share purchase warrants may beexercised at any time at a price of 60 cents per share within one yearfrom the date of issuance and one-third of the share purchase warrantsmay be exercised at any time at a price of $1.20 per share within twoyears of the date of issuance. Exercise of all warrants under thisprivate placement is a condition precedent to Mulgravian Venturesmaintaining its rights to joint venture Shoreham's Five Star project.The agreement specifies that the proceeds of the warrants shall bededicated to work in or directly related to Shoreham's Guyana programs.The proceeds of the initial placement shall be available for otherpurposes at Shoreham's discretion.
Thetransaction has been approved by Shoreham's board of directors and issubject to exchange approval. Proceeds from this private placement willbe used for continued exploration and development of the company'smineral properties and for general working capital purposes.
DavidBending, MSc, PGeo, president and chief executive officer of ShorehamResources, reports: "The Five Star transaction and this placementrepresent another important milestone in growing Shoreham Resources anddeveloping the outstanding targets we have identified in Guyana. Thesefunds will be utilized for generative programs, advancing the MarudiMountain project, and general and administrative needs."