/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO
U.S. NEWS WIRE SERVICES/
Stock Symbol: SGF: TSX
SASKATOON, Dec. 21, 2017 /CNW/ - Shore Gold Inc.
(TSX:SGF) ("Shore") is pleased to announce the successful closing
today of a $3.0 million private
placement of 7,894,736 Flow-Through Common Shares at a price
of $0.19 per Flow-Through Common
Share and 9,375,000 Units of the Company at a price of $0.16 per Unit (collectively, the "Offering").
Each Unit consists of one Common Share and one Common Share
purchase warrant ("Warrant"). Each Warrant will entitle the holder
thereof to purchase one Common Share at a price of $0.20 for a period of 18 months from the date of
issuance.
The proceeds from the sale of the Flow-Through Common Shares
will be used by Shore to incur Canadian exploration expenses
("Qualifying Expenditures") prior to December 31, 2018. Shore will renounce the
Qualifying Expenditures to subscribers of Flow-Through Common
Shares for the fiscal year ended December
31, 2017. The net proceeds of the Unit offering will
be used by Shore for general working capital purposes.
The Company paid certain finders (each a "Finder") cash fees
equal to 5% of the gross proceeds raised by such Finder pursuant to
the Offering, and issued such Finder warrants equal to 5% of the
number of Flow-Through Common Shares and Units attributable to such
Finder pursuant to the Offering (the "Finder's Warrants"). The
Company issued 519,737 in Finder's Warrants in relation to the
Placement, exercisable at any time up to 12 months following the
closing of the Offering at $0.20 per
share. All securities issued pursuant to the Offering are subject
to a four month hold period in accordance with applicable
securities laws and exchange regulations. The Offering is subject
to TSX acceptance of requisite regulatory filings.
Shore is a Canadian based corporation engaged in the
acquisition, exploration and development of mineral properties.
Shares of Shore trade on the TSX Exchange under the trading symbol
"SGF".
Caution Regarding Forward-Looking Statements
This press release contains "forward-looking statements" and/or
"forward-looking information", within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation. All statements, other
than statements of historical fact, are forward-looking statements.
Generally, forward-looking statements can be identified by the use
of forward-looking terminology such as "plans", "expect", "is
expected", "in order to", "is focused on" (a future event),
"estimates", "intends", "anticipates", "believes" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", or the negative connotation
thereof. Forward-looking statements included or implied in this
press release include the tax treatment of Flow-Through Shares and
the use of the proceeds of the Offering. These forward-looking
statements are based on Shore's current beliefs as well as
assumptions made by and information currently available to Shore.
Although management considers these assumptions to be reasonable
based on information currently available to it, they may prove to
be incorrect. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that predictions, forecasts, projections
and other forward-looking statements will not be achieved. We
caution readers not to place undue reliance on these statements as
a number of important factors could cause the actual results to
differ materially from the beliefs, plans, objectives,
expectations, anticipations, estimates and intentions expressed in
such forward-looking statements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction.
The Units (and the common Shares and Warrants that comprise the
Units and the Flow-Through Common Shares will not be and have not
been registered under the United States Securities Act of 1933 and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements.
SOURCE Shore Gold Inc.