Sheba Exploration (UK) plc
LSE : SHE

March 14, 2011 03:01 ET

Private Placing

                                                                                         14 March 2011
                                                                             GB00B02WHQ80/GBP/PLUS-exn


                                      SHEBA EXPLORATION (UK) PLC
                                      ("Sheba" or the "Company")

                                            Private Placing

Sheba,  the Ethiopian focussed gold exploration company, is pleased to announce that on 11 March  2011
it  undertook a private placing of 1,500,000 ordinary shares of 0.75 pence each at a price of 2  pence
per share raising £30,000.  There are no warrants associated with the private placement.

The  proceeds will be used by Sheba for administrative expenses and the ongoing development  of  their
exploration licences in Ethiopia.

Of  the  1,500,000  ordinary  shares  issued, Douglas Chikohora,  an  existing  shareholder  purchased
1,250,000  ordinary shares.  He now holds 3,750,000 ordinary shares equivalent to 3.49% of the  issued
share capital.

Following  the  placing there are 107,562,457 ordinary shares in issue, of which,  the  Directors  are
interested in 36,909,124 ordinary shares representing 34.31% of the Company's issued share capital.

The new ordinary shares rank pari passu with the existing ordinary shares.

The Directors of Sheba Exploration (UK) Plc are responsible for the contents of this announcement.

For further information please contact:

Company:
Sheba Exploration (UK) Plc
Richard Brooker
Tel: 00 353 87699 8401

Corporate Adviser:
St Helens Capital Partners LLP
Duncan Vasey/Mark Anwyl
Tel: +44 (0) 20 7368 6959

Farm Street Communications Limited
Contact: Simon Robinson
Tel: +44 (0) 7593 340107
Email: simon.robinson@farmstreetmedia.com



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  • Sheba Exploration (UK) plc