Sheltered Oak Resources Corp. (TSXV:OAK)
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From Jul 2019 to Jul 2024
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