Seafield Resources Ltd.
TSX VENTURE : SFF

Seafield Resources Ltd.

June 11, 2010 08:30 ET

Seafield Resources Ltd. Announces Completion of Over-Subscribed Private Placement

TORONTO, ONTARIO--(Marketwire - June 11, 2010) - Seafield Resources Ltd. (the "Company") (TSX VENTURE:SFF) is pleased to announce that further to its press release of May 28, 2010, it has completed its previously announced private placement of 14,285,714 units ("Units") of the Company at a price of $0.175 per Unit. The Company reports that the private placement has been over-subscribed by 2,577,457 Units, resulting in the issuance of an aggregate of 16,863,171 Units for gross proceeds of $2,951,055. Each Unit consists of one common share (a "Common Share") of the Company and one Common Share purchase warrant (a "Warrant"), each Warrant entitling the holder thereto to acquire a Common Share at a price of $0.25 for a period of two years from the date of issuance.

In addition, the Company has paid finder's fees consisting of an aggregate of $193,405 and 652,702 broker warrants ("Broker Warrants") to parties that referred subscribers to the Company. Each Broker Warrant entitles the holder to acquire a Unit at price of $0.175 for a period of two years from the date of issuance.

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.

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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