Shelton Canada Corp.

Shelton Canada Corp.

January 24, 2006 14:37 ET

Shelton Canada Corp.: News Release

EDMONTON, CANADA--(CCNMatthews - Jan. 24, 2006) - Shelton Canada Corp. ("Shelton")(TSX VENTURE:STO) is pleased to announce that, subject to regulatory approval, it intends to complete a non-brokered offering of a of 422,143 units ("Units") at a price of $0.28 per Unit for gross proceeds of $118,200 by way of a private placement (the "Private Placement"). Each Unit is comprised of one (1) common share ("Common Share") and one-half (1/2) Common Share purchase warrant. Each whole warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.40 per Common Share for a period of one (1) year following the date of closing.

In addition, Shelton is pleased to announce that it will complete a private placement, subject to regulatory approval, to raise approximately $175,000 through the sale of flow-through shares at a price of $0.30 per flow-through share (the "Flow-Through Private Placement").

No bonus, finder's fee, commission or agents options will be paid in connection with the Private Placement or the Flow-Through Private Placement.

Shelton intends to use the proceeds from both the Private Placement and the Flow-Through Private Placement for general working capital purposes and for exploration and development activity on its oil and natural gas exploration projects.

Shelton is a junior oil and gas company listed on the TSX Venture Exchange holding an interest in production properties located in northeastern British Columbia, near Lloydminster, Alberta and north of Edmonton on the Alexander Indian Reserve. Shelton also holds petroleum and natural gas concessions in the southern Ukraine.

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

Contact Information

  • Shelton Canada Corp.
    Zenon Potoczny
    President & CEO
    (416) 252-4101
    Shelton Canada Corp.
    Suite 212, 145 Evans Avenue
    Toronto, ON M8Z 5X8