Shoreham Resources Ltd.
TSX VENTURE : SMH

Shoreham Resources Ltd.

June 13, 2007 16:21 ET

Shoreham Resources Announces $1,800,000 Flow-Through Private Placement

TORONTO, ONTARIO--(Marketwire - June 13, 2007) - David A. Bending, President and 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 flow-through private placement. The private placement is expected to raise $1,800,000 by the issuance of 4,000,000 flow-through common shares at $0.45 per share and each share will come with a full warrant. Each warrant entitles the purchaser to obtain one non flow-through common share at a price of $0.65 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 $0.90 or more for 10 consecutive trading days. The closing date is expected to be on or by June 15, 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 30,039,053 shares issued and outstanding prior to the shares to be issued as a result of this private placement.

No insiders are expected to participate in this Private Placement.

All proceeds from this private placement will be used for flow-through expenditures on Shoreham's various properties in the Red Lake District of Ontario. These include the Favourable Lake Project, the Bearhead Lake Project, and the Setting Net Lake and Twinpeaka Projects. Exploration targets include silver, gold, uranium, molybdenum, and base metals.

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

Contact Information