Sheltered Oak Announces Proposed Private Placement of $525,000
18 Novembre 2010 - 3:52PM
PR Newswire (Canada)
TORONTO, Nov. 18 /CNW/ -- Trading Symbol: TSX-V OAK TORONTO, Nov.
18 /CNW/ - Sheltered Oak Resources Corp. ("OAK" or the "Company")
proposes to complete a Private Placement (the "Private Placement")
for aggregate proceeds of $525,000, consisting of 5,000,000 units
of the Company (the "Units") at a price of $0.105 per Unit.
Each Unit shall be comprised of one common share in the capital of
the Company (a "Common Share") and one-half of one Common Share
purchase warrant (each whole warrant, a "Warrant"). Each
whole Warrant shall entitle its holder to acquire a Common Share at
an exercise price of $0.135 per share for a period of 18 months
from the date of closing. In connection with the Private Placement,
OAK has agreed to pay Canaccord Genuity Corp. ("Canaccord") and
Dominick & Dominick Securities Inc. ("D & D Securities") a
cash finder's fee equal to 8% of the gross proceeds and to issue
that number of finder's fee options (the "Finder's Options") equal
to 8% of the number of Units issued in the Private Placement.
Each Finder's Option will entitle the holder to acquire one Common
Share of OAK for a period of 18 months from the date of closing of
the Private Placement at an exercise price of $0.135 per share.
Richbert Agencies S.A., which currently owns approximately 8.8% of
the issued and outstanding Common Shares of OAK, is expected to
subscribe for the full Private Placement. It is also expected
that immediately prior to the closing of the Private Placement,
Richbert Agencies S.A. will sell 5,000,000 Common Shares through
the facilities of the TSX Venture Exchange to purchasers arranged
by Canaccord and D & D Securities. The Company will use the
proceeds from the Private Placement for further exploration on the
Kerrs Property and for working capital purposes. Notice of the
Private Placement is subject to acceptance by the TSX Venture
Exchange. ABOUT SHELTERED OAK RESOURCES CORP. Sheltered Oak
Resources Corp. is focused on mineral exploration opportunities
within Canada and owns a 100% interest in 42 mining claims
including one mining lease totaling 4,672 hectares which comprise
the Kerrs Gold Property, located in the prolific area of the
Abitibi Greenstone Belt in northeastern Ontario. Neither the 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.
Forward-Looking Statements. This news release contains certain
information that constitutes forward-looking statements such as the
completion of the Private Placement. Forward-looking statements are
frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
The Company disclaims any obligation to update or revise any
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements. p/p table
cellspacing="0" border="1" class="cnwBorderedTable"tr
valign="top"td align="center" valign="top"bSheltered Oak Resources
Corp./bbr/ J.J Elkinbr/ President and CEObr/ (E)a
href="mailto:des874@aol.com"des874@aol.com/a/td td align="center"
valign="top"bSheltered Oak Resources Corp/b.br/ Art Hampsonbr/
Chief Financial Officerbr/ (T)905 827 5414br/ (F)905 847 9575br/
(E)a
href="mailto:ahampson@shelteredoak.com"ahampson@shelteredoak.com/a/td
td align="center" valign="top"bCHF Investor Relations/bbr/ Jeanny
Sobr/ Director of Operationsbr/ (T)416 868 1079 ext. 225br/ (F)416
868 6198br/ (E)a
href="mailto:jeanny@chfir.com"jeanny@chfir.com/a/td td
align="center" valign="top"bCHF Investor Relations/bbr/ Chris
Haldanebr/ Account Managerbr/ (T)416 868 1079 ext. 237br/ (F)416
868 6198br/ (E)a
href="mailto:chris@chfir.com"chris@chfir.com/a/td/tr/table
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