Seafield Resources Ltd.
TSX VENTURE : SFF

Seafield Resources Ltd.

December 15, 2009 16:44 ET

Seafield Resources Ltd. Announces Completion of Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2009) - Seafield Resources Ltd. (TSX VENTURE:SFF)("Seafield" or the "Company") is pleased to announce that it closed a private placement consisting of 5,800,200 units ("Units") of the Company at a price of $0.125 per Unit for aggregate gross proceeds of $725,075. Each Unit is comprised of one common share (a "Common Share") and one common share purchase warrant (a "Warrant"), each Warrant entitles the holder thereof to acquire a Common Share for a period of two years from the date of issuance, exercisable at a price of $0.16 per share. The Warrants are also subject to a forced conversion such that, if the Common Shares close at a price higher than $0.30 per share for 20 consecutive days, the warrant holders will have 30 days to exercise.

In addition, the Company paid finder's fees to parties that referred subscribers to the Company consisting of an aggregate of $55,275 and an aggregate of 442,200 broker warrants to acquire Units for a period of 18 months from the date of issuance, exercisable at a price of $0.125 per Unit.

The securities issued are subject to a four month hold period from the date of issuance. Completion of the private placement is subject to final acceptance of the TSX Venture Exchange.

The proceeds of the financing will be used for advancing the Company's gold exploration initiatives in Colombia and for general working capital purposes.

The Company also announces that a total of 1,225,000 options to purchase common shares of the Company at a price of $0.175, have been granted to officers, directors and consultants of Seafield, expiring on December 15, 2014. The grant of options is subject to regulatory approval.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company relies on litigation protection for forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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