Shelton Canada Corp.

Shelton Canada Corp.

November 16, 2006 16:52 ET

Shelton Canada Corp.: News Release

EDMONTON, ALBERTA--(CCNMatthews - Nov. 16, 2006) - Shelton Canada Corp. ("Shelton") (TSX VENTURE:STO) announces that, subject to regulatory approval, it intends to complete a non-brokered offering of 4,000,000 units ("Units") at a price of $0.25 per Unit for gross proceeds of $1,000,000 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 eighteen (18) months following the date of closing.

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

Shelton, a junior oil and gas company listed on the TSX Venture Exchange, holds interests in producing properties located in northeastern British Columbia and north central Alberta. Shelton also holds petroleum and natural gas concessions in 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.
    Richard Edgar
    (403) 205-2526 ext 4