Shelton Canada Corp.

Shelton Canada Corp.

October 28, 2008 16:24 ET

Shelton Canada Corp.: Private Placement

CALGARY, ALBERTA--(Marketwire - Oct. 28, 2008) - Shelton Canada Corp. ("Shelton") (TSX VENTURE:STO) announces that, subject to regulatory approval, it intends to complete a non-brokered offering of 333,333 units ("Units") at a price of $0.15 per Unit for gross proceeds of $50,000 by way of a private placement (the "Private Placement"). Each Unit is comprised of one (1) common share ("Common Share") and one (1) Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.25 per Common Share for a period of twelve (12) months following the date of closing.

Shelton intends to use the proceeds from the Private Placement for working capital purposes.

About Shelton Canada Corp.

Shelton Canada Corp. is an internationally focused junior oil and gas exploration and development company, headquartered in Calgary, Alberta and listed on the TSX Venture Exchange. Shelton's primary operations are in Ukraine. The company's five-year goal is to work strategically with its regional partners to become the leader in oil and gas production from Ukraine's resource-rich Azov and Black Sea hydrocarbon basins. A 50-percent Joint Investment Agreement (J.I.A.) with Chernomorneftegas, a leading Crimean oil and gas company, gives Shelton the opportunity to develop concessions in the offshore properties of Biryuchya and North Kerchenskaya. A strategic partnership with Ukrnafta, Ukraine's largest oil and gas company, provides Shelton with 45 per cent participation in the Kashtan Petroleum Joint Venture and operations in the Lelyaki oil field.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Shelton Canada Corp.
    Mr. Zenon Potoczny
    President and CEO
    (416) 252-4101