Shoreham Resources Ltd.
TSX VENTURE : SMH

Shoreham Resources Ltd.

May 20, 2009 09:01 ET

Shoreham Resources Ltd.: $600,000 Non-Brokered Private Placement Financing at Above Market Has Been Approved and Closed

LANGLEY, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - Shoreham Resources Ltd. (TSX VENTURE:SMH), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada, is pleased to announce the completion and approval of a non-brokered private placement financing for $600,000 by Mulgravian Ventures Corporation ("MVC") arranged as part of the Mulgravian's Option to Joint Venture Guiana Shield Resources Inc.'s Gold and PGM portfolio, referred to as the Guiana Shield Property Packages, as News Released on April 27, 2009. This private placement received TSX approval on May 13, 2009. The financing consists of the sale of 2,000,000 units at a price of $0.30 per unit, whereby each unit consists of one common share of Shoreham Resources Ltd. and 3/4 of a share purchase warrant which entitles the subscriber to acquire one further common share of Shoreham Resources Ltd. per full warrant exercised at a price of CDN$ 0.60 per share within one (1) year of the date of Exchange Approval of the private placement, along with a 1/4 of a share purchase warrant which entitles the subscriber to acquire one further common share of Shoreham Resources Ltd. per full warrant at a price of CDN$ 1.20 per share within two (2) years of the date of Exchange Approval of the private placement. The Company will be using the funds generated from this financing to fund ongoing corporate expenses and to advance our Guyanese gold, diamond and PGM projects. The Company had 48,792,300 shares outstanding prior to this News Release.

Pursuant to the terms of the Shoreham-Mulgravian JV Agreement; within 9 months of Exchange Approval of the JV Agreement, MVC will be required to exercise one-third (1/3) of its CDN$ 0.60 warrants for CDN$ 300,000 for a total share purchase quantity of 500,000 shares of Shoreham Resources Ltd. Within one year of Exchange Approval of the JV Agreement, MVC will be required to exercise the remaining two-thirds (2/3) of its CDN$ 0.60 warrants for CDN$ 600,000 for a total share purchase quantity of 1,000,000 shares of Shoreham Resources Ltd. Within two years of Exchange Approval of the JV Agreement, MVC will be required to exercise its 1/4 share purchase warrants at CDN$ 1.20 per share for CDN$ 600,000 for a total share purchase quantity of 500,000 shares of Shoreham Resources Ltd.

Shoreham Resources is a Canadian based exploration company listed and trading on the TSX-V exchange under the trading symbol "SMH" with molybdenum, silver and uranium targets in Canada and recent discoveries on our Black Banana and Marudi Mountain gold projects in Guyana.

David Bending, President and CEO of Shoreham Resources Ltd., states, "Shoreham is fortunate to have been able to attract this significant above market priced investment in our Company at this point in time. In addition, the funding that will be forthcoming from the exercise of the warrants (assuming that the projects meet expectations) will provide Shoreham with ongoing cash flow to continue to grow."

For further information please visit our website at www.shoreham.ca or contact our President and CEO, Mr. David A. Bending at 604-533-9288. You may also go to www.agoracom.com where you can view comments posted on their site or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mkachanovsky@shoreham.ca or Pro-edge Consultants Inc., Tracy Weslosky, at 1-416-581-1717 or via email at tracy@proedge.com.

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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