By Susanna Moon
Chicago, July 18 - Shoreham Resources Ltd. said it closed a private placement of flow-through units for C$2,183,250.
The company sold 4,851,666 flow-through units for C$0.45 each.
Each flow-through unit consists of one flow-through share and one flow-through warrant. Each warrant is exercisable at C$0.65 each for 18 months.
Expiry of the warrants may be accelerated to 30 days if the company's shares trade at or above C$0.90 for 10 consecutive trading days.
On June 26, the company announced it closed C$1,883,250 of the placement. The company closed a C$300,000 sale of units to MineralFields on July 10.
The placement was non-brokered.
Proceeds will be used for flow-through expenditures on Shoreham's various properties in the Red Lake Mining District of northwestern Ontario, the company said in a press release.
Shoreham is a Toronto-based mineral exploration company.
| Issuer: | Shoreham Resources Ltd.
|
| Issue: | Flow-through units of one flow-through share and one flow-through warrant
|
| Amount: | C$2,183,250
|
| Units: | 4,851,666
|
| Price: | C$0.45
|
| Warrants: | One per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | June 13
|
| Settlement dates: | June 26 (for C$1,883,250); July 10 (for C$300,000); July 18 (for remainder)
|
| Stock symbol: | TSX Venture: SMH
|
| Stock price: | C$0.43 at close June 13
|
| Stock price: | C$0.46 at close June 26
|
| Stock price: | C$0.395 at close July 9
|
| Stock price: | C$0.39 at close July 17
|
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