Sheltered Oak Resources Corp. (TSXV:OAK)
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TORONTO, Dec. 31 /CNW/ --
Trading Symbol: TSX-V OAK
TORONTO, Dec. 31 /CNW/ - Sheltered Oak Resources Corp. ("OAK" or the "Company") (TSXV: OAK) today announced the completion of a Private Placement (the "Private
Placement") for aggregate proceeds of $189,000, consisting of 2,100,000
units of the Company (the "Units") at a price of $0.09 per Unit. Each
Unit is 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 $0.12 per
share for a period of 18 months from the date of closing. The common
shares issued are subject to a four-month hold period ending April 30,
2011. Richbert Agencies S.A. subscribed for the full Private Placement
and, with this issuance, Richbert now holds 10.6% of the 78,487,235
issued and outstanding shares of the Company.
These Common Shares acquired by Richbert today represent approximately
2.7% of the issued and outstanding Common Shares and assuming exercise
of the Warrants, the acquired securities would represent approximately
4% of the then issued and outstanding Common Shares.
The Common Shares were acquired by Richbert to maintain its previous
holdings in the Company and for investment purposes. Richbert may,
from time to time, acquire additional Common Shares, dispose of some or
all such Common Shares or may continue to hold such Common Shares.
Before today's acquisition, Richbert held 6,250,000 Common Shares and
7,500,000 warrants. Richbert therefore currently now owns 8,350,000
Common Shares representing 10.6% of the issued and outstanding Common
Shares and 8,550,000 warrants. Assuming the exercise of Richbert's
warrants and JJ Elkin's options (as Richbert's joint actor), Richbert
and its joint actor would own in the aggregate 17,707,689 Common Shares
representing approximately 20% of the then issued and outstanding
Common Shares. For further information and to obtain a copy of the
early warning report, filed under applicable Canadian securities laws
in connection with the transactions hereunder, please see OAK's profile
on the SEDAR website at www.sedar.com.
The Company will use the proceeds for further exploration on the Kerrs
Property and for working capital purposes.
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2010/31/c8257.html
p/p p align="justify"Richbert Agencies S.A.br/ 1 St. James Crescentbr/ #4 St. James Villagebr/ Hamilton Parish FL04 Bermudabr/ (441) 293-2565/p table cellspacing="0" border="1" class="cnwBorderedTable"tr valign="top"td align="center" nowrap="nowrap"bSheltered Oak/bbRes/bbources Corp./bbr/ J.J Elkinbr/ President and CEObr/ (T) 416-628-5802br/ (F) 416-628-5051br/ (E) a href="mailto:jj@shelteredoak.com"jj@s/aa href="mailto:jj@shelteredoak.com"helteredoak.com/a/td td align="center" nowrap="nowrap"bSheltered Oak R/bbesources Corp/b.br/ Art Hampsonbr/ Chief Financial Officerbr/ (T) 416-628-5802br/ (F) 416-628-5051br/ (E)a href="mailto:ahampson@shelteredoak.com"ahampson@sh/aa href="mailto:ahampson@shelteredoak.com"elteredoak.com/a/td td align="center" nowrap="nowrap"bCHF Investor Relatio/bbns/bbr/ Jeanny Sobr/ Director of Operationsbr/ (T)416 868 1079 ext. 225br/ (F)416 868 6198br/ (E)a href="mailto:jeanny@chfir.com"jeanny/aa href="mailto:jeanny@chfir.com"@chfir.com/a/td td align="center" nowrap="nowrap"bCHF Investor/bbRelations/bbr/ Chris Haldanebr/ Account Managerbr/ (T)416 868 1079 ext. 237br/ (F)416 868 6198br/ (E)a href="mailto:chris@chfir.com"chris@/aa href="mailto:chris@chfir.com"chfir.com/a/td/tr/table