Shoreham Resources Ltd.

Shoreham Resources Ltd.

March 21, 2007 12:58 ET

Shoreham Resources Announces $1,000,000 Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 21, 2007) - David A. Bending, President & CEO of Shoreham Resources Ltd. (TSX VENTURE:SMH) is pleased to announce that the Company has filed a price reservation Form 4A with the TSX Venture Exchange for a non-brokered private placement. The private placement is expected to raise $1,000,000 by the issuance of 4,000,000 common shares at $0.25 per share and each share will come with a full warrant. Each warrant entitles the purchaser to obtain one common share at a price of $0.35 for a period of 18 months from the closing date. The warrants have a forced exercise provision which allows Shoreham to news release an earlier expiry date of 30 days from the news release date if the shares have traded for $0.75 or more for 10 consecutive trading days. The closing date is expected to be on or by March 30, 2007. Finder's fees in cash and/or shares as allowed by the TSX Venture may be paid pertaining to this private placement. The Company has 23,976,653 shares issued and outstanding prior to the shares to be issued as a result of this private placement.

Insiders participating in the Private Placement are as follows:
David A. Bending (President & CEO) 100,000 shares
David C. Hammond (CFO & Director) 40,000 shares

Proceeds from this private placement will be used to meet ongoing corporate working capital requirements including the funding of the Company's ongoing exploration programs in Canada and Guyana.

Shoreham Resources Ltd. is a Canadian resource company listed on the TSX Venture Exchange: Symbol "SMH"

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Shoreham Resources Ltd.
    David C. Hammond
    Chief Financial Officer
    (416) 867-1101
    (416) 867-1222 (FAX)