Sheltered Oak Resources Corp. (TSXV:OAK)
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TORONTO, Dec. 22 /CNW/ --
UPDATE ON KERRS PROPERTY
Trading Symbol: TSX-V OAK
TORONTO, Dec. 22 /CNW/ - Sheltered Oak Resources Corp. ("OAK" or the "Company") (TSXV:OAK) today announced the completion of a non-brokered private placement that
was first announced on November 18, 2010.
The private placement consisted of 5,000,000 units of the Company (the
"Units") at a price of $0.105 per Unit, for gross proceeds of
$525,000. Each Unit is comprised of one Common Share and one-half of
one Common Share purchase warrant (each whole warrant, a "Warrant").
Each Warrant entitles its holder to acquire a Common Share at an
exercise price of $0.135 per share for a period of 18 months from
today's closing date. In connection with the private placement, the
Company has agreed to pay Canaccord Genuity Corp. ("Canaccord") and
Dominick & Dominick Securities Inc. ("D & D Securities") a cash
finder's fee of $42,000 which represents 8% of the gross proceeds and
to issue 400,000 finder's fee options (the "Finder's Options") which
represent 8% of the number of Units issued in the private placement.
Each Finder's Option entitles the holder to acquire one Common Share
for a period of 18 months from the date of closing at an exercise price
of $0.135 per share.
After these closings, there are 76,387,235 issued and outstanding Common
Shares of Sheltered Oak Resources Corp.
Richbert Agencies S.A. ("Richbert") was the sole subscriber for the
private placement. The Common Shares issued today are subject to a
four month hold period ending April 22, 2011. In connection with the
private placement, Richbert sold 5,000,000 Common Shares through the
facilities of the TSX Venture Exchange to purchasers arranged by
Canaccord and D & D Securities on November 18, 2010.
The Company will use the proceeds for further exploration on the Kerrs
Property and for working capital purposes.
OAK also announced that it has entered into a contract for a December,
2010 geophysical survey to be performed at 50-metre intervals, on its
mining claims in the Lake Abitibi area. OAK also expects to announce
for the first time a mineral resource estimate in January 2011 followed
by the filing of a technical report in accordance with National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
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.
This news release contains certain information that constitutes forward-looking statements such as the
completion of the geophysical survey and announcing a mineral resource
estimate. 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 including the results of the exploration
program. 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2010/22/c7158.html
table cellspacing="0" border="1" class="cnwBorderedTable"tr valign="top"td align="center"bSheltered Oak Resources Corp./bbr/ J.J. Elkinbr/ President and CEObr/ (T) 416-628-5802br/ (F) 416-628-5051br/ (E) a href="mailto:jj@shelteredoak.com"jj@shelteredoak.com/a/td td align="center"bSheltered Oak Resources Corp/b.br/ Art Hampsonbr/ Chief Financial Officerbr/ (T) 416-628-5802br/ (F) 416-628-5051br/ (E)a href="mailto:ahampson@shelteredoak.com"ahampson@shelteredoak.com/a/td td nowrap="nowrap" align="center"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"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