Shoreham Resources Ltd.

Shoreham Resources Ltd.

January 18, 2007 09:30 ET

Shoreham Closes $500,000 Private Placement

TORONTO, ONTARIO--(CCNMatthews - Jan. 18, 2007) - David A. Bending, President & CEO of Shoreham Resources Ltd. (NEX:SMH.H) is pleased to announce that the NEX Exchange has approved the closing of the $500,000 private placement financing announced December 20, 2006. The financing was over subscribed and limited by the $500,000 maximum currently allowed under NEX rules.

The financing consists of 3,333,333 shares at $0.15 and 3,333,333 warrants exercisable for twelve months at $0.25 until January 17, 2008. The only other warrants were exercisable until January 16, 2007 and expired unexercised. The Company intends to request a warrant extension on the new warrants for an additional twelve months at $0.35 once approved for listing on the TSX Venture Exchange. This financing increases the common shares issued from 20,455,053 to 23,976,653 including finder's fees of 188,267 common shares issued as follows:

Laurie Zon Thornhill, Ontario 78,880 shares
Derek Buntain Hamilton, Bermuda 40,000 shares
Jomtein Commercial Investments Ltd. Vancouver, B.C. 40,000 shares
Michael Cormack Burlington, Ontario 29,387 shares

The private placement financing was subscribed to by three insiders as

David Bending, P.Geo. President, CEO and Director 300,000 units
Glenn O'Gorman, P.Eng. Vice President and Director 30,000 units
David Hammond Audit Chairman and Director 50,000 units
380,000 units
equals 11.4%
of financing

Shoreham is a resource company advancing through exploration properties of merit with which to build shareholder value. The Company will use the proceeds of this financing for corporate working capital requirements and to demonstrate compliance with the cash requirements for a TSX Venture listing. The company has received an independent listing property of merit report prepared under National Instrument 43-101 guidelines on its Favourable Lake Silver Moly Property in the Red Lake Mining District of Ontario to be used for the TSX Venture listing application. The Company will also be commencing exploration programs in Guyana as required under the earn-in provisions with Vannessa Ventures Ltd. (January 11, 2007 news release).

Shoreham Resources Ltd. Is located at 350 Wellington Street West, Suite G-19, Toronto, Ontario M5V 3W9.

The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Shoreham Resources Ltd.
    David Hammond
    (416) 867-1101
    (416) 867-1222 (FAX)