Shamrock Enterprises Obtains Conditional Approval to List on TSX Venture Exchange
November 07 2012 - 5:00AM
Marketwired Canada
Shamrock Enterprises Inc. (CNSX:SRS) ("Shamrock" or the "Company") has received
conditional approval for the listing of its common shares on the TSX Venture
Exchange. Listing will be subject to the Company meeting certain conditions to
list imposed by the TSX-V, including completion of a previously announced
private placement with minimum gross proceeds of $1,050,000. The Company is
actively proceeding to satisfy the listing conditions and obtain final approval.
The Company will issue a further news release to update shareholders when the
common shares commence trading on the TSX-V.
On September 12th, the Company announced that it had arranged a non-brokered
private placement offering of up to 8,000,000 Units at $0.15 per Unit for gross
proceeds of up to $1,200,000. Each Unit consists of one common share and
one-half common share purchase warrant. Each whole Warrant shall be exercisable
to acquire an additional common share for a two year period, at $0.25 per share
in the first year and at $0.35 per share in the second year. The Company has now
increased the amount of cash commission that may be paid to authorized persons
who locate and introduce investors from 7% to 9% of the gross proceeds received.
In addition, the Company will grant up to 720,000 Warrants based upon the
Offering being fully subscribed. Each Warrant is exercisable into one share for
a two year period from the date of issuance of the Warrants with at an exercise
price of $0.25 per share during the first year, and an exercise price of $0.35
per share during the second year.
The Company intends to use the net proceeds to carry out the next phase of the
recommended work programs, and to apply the balance to property payments and
unallocated working capital.
About Fireweed: The Fireweed Property is a polymetallic (Ag, Zn, Pb, Cu, Au)
discovery of massive sulphide and sulphide replacement type mineralization. The
region has seen active mineral exploration since the turn of the century with
numerous producers. Examples are the Granisle Mine (10 km to the southeast),
Bell Copper Mine (5 km to the east) and the undeveloped Morrison Deposit (17 km
to the northeast). One of the most significant was the Equity Silver Mine at
Goosly Lake with very similar mineralization to Fireweed. Pursuant to a Letter
of Understanding with Pachamama Resources Ltd. dated February 17, 2010 the
Company has an exclusive option to earn up to a 70% interest in the Fireweed
Property.
About Shamrock: Shamrock Enterprises Inc. is a Canadian-based junior mining
exploration company focused on the procurement, exploration and development of
silver and other precious metal properties in North America. The Company's
Shares are listed and posted for trading on the Canadian National Stock Exchange
("CNSX") under the symbol "SRS".
On behalf of the Board,
Gordon Osinchuk, President
Forward-Looking Statements: This news release may contain forward-looking
statements including but not limited to, information regarding geological
interpretations, resources, potential timing and content of exploration
programs, production schedules and projections, receipt of permits, Company
financings etc. Forward-looking statements refer to events and conditions which
have not yet taken place and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those anticipated in these statements.
Shamrock Enterprises Inc. relies on litigation protection for forward-looking
statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Shamrock Enterprises Inc.
Gordon R. Osinchuk
Chief Executive Officer
(604) 722-1877
info@shamrockresources.ca
www.shamrockresources.com
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