Shoreham Resources Ltd.
TSX VENTURE : SMH

Shoreham Resources Ltd.

March 28, 2007 16:14 ET

Shoreham Resources Private Placement Approved

TORONTO, ONTARIO--(CCNMatthews - March 28, 2007) - David Bending, President & CEO of Shoreham Resources Ltd. (TSX VENTURE:SMH) is pleased to announce that the Company has received final approval from the TSX Venture Exchange for the private placement with terms as news released March 21, 2007. The Company has raised $1,360,000 by way of a private placement. The financing consisted of 5,440,000 shares at a price of $0.25 with 5,440,000 18-month warrants expiring September 28, 2008. Each warrant entitles the purchaser to obtain a common share at a price of $0.35. The warrants have a forced exercise provision which allows the Company 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 shares and warrants are restricted until July 29, 2007.

The financing was completed with 2 insiders for $35,000, 19 individuals for $350,000, 5 corporations for $100,000, and 2 institutional investors for $875,000.

Finder's fees in cash, shares, and broker warrants as allowed by the TSX Venture Exchange were paid pertaining to this private placement as follows:



Granite Associates Ltd. Mississauga ON $36,600 and 46,400 broker
warrants

Power One Capital
Markets Limited Toronto ON 100,000 broker warrants

Michael Cormack Burlington ON 92,400 shares


The broker warrants entitle the holder to obtain a common share at a price of $0.25 for 18 months until September 28, 2008. The broker warrants have a forced exercise provision which allows the Company to news release an earlier expiry date of 30 days from the news release date if the shares have traded for $0.50 or more for 10 consecutive trading days.

The Company has 29,509,053 shares issued and outstanding after issuance of the 5,532,400 shares issued pursuant to this private placement.

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.

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 Hammond
    Director & CFO
    (416) 867-1101
    (416) 867-1222 (FAX)
    Email: shoreham@bellnet.ca