..Gulf Shores closes $330,000 private placement
2004-01-05 19:27 ET - News Release
Mr. A. Michael Turko reports
Gulf Shores Resources has closed on three million units its private placement reported in Stockwatch on Nov. 14, 2003, for total proceeds of $330,000. Each unit consists of one common share without par value and one non-transferable share purchase warrant entitling the holder to purchase one additional common share without par value, exercisable for a period of two years from the date of issuance at a price of 14.5 cents per share. The shares and warrant shares are subject to a four-month hold period expiring May 1, 2004. Pursuant to Section 111 of the Securities Act (British Columbia), George Langdon has directly and indirectly acquired for investment purposes 750,000 common shares and 750,000 warrants of the company pursuant to the offering. Dr. Langdon is now the beneficial owner of common shares or securities convertible into common shares for a total of 3,135,000 common shares, representing 12 per cent of the issued shares of the company. Pursuant to Section 111 of the Securities Act (British Columbia), Michael Turko has indirectly acquired for investment purposes 500,000 common shares and 500,000 warrants of the company pursuant to the offering. Mr. Turko is now the beneficial owner of common shares or securities convertible into common shares for a total of 2,673,603 common shares, representing 10 per cent of the issued shares of the company.
Proceeds from the offering are to be used for further exploration of the Alborada block, Colombia; drilling and testing of a well at Parson's Pond, Nfld.; and for general working capital purposes.