Canadian Shield Closes Private Placement Financing
July 10 2009 - 6:52PM
Marketwired
Canadian Shield Resources Ltd. (TSX VENTURE: EXP) ("Canadian
Shield" or the "Company") is pleased to announce it has completed a
non-brokered exempt private placement financing of 1,062,500 Units
at $0.80 per Unit for gross proceeds of $850,000. The executive
officers and a director participated in the private placement
financing.
Each Unit is comprised of one common share and one
non-transferable Warrant. Each Warrant entitles the holder to
purchase one additional common share at $1.20 per share until July
10, 2010. The Warrant is callable, at the option of Canadian
Shield, after November 10, 2009 in the event its common shares
trade at or over $1.60 per share for 10 consecutive trading days.
In connection with the financing, the Company agreed to pay finders
fees of $44,500, representing 10% of the gross proceeds from the
Units placed by qualified finders.
The 1,062,500 common shares issued under the private placement
and any shares issuable upon the exercise of the Warrants are
subject to a four month regulatory hold period. Immediately
following the closing of this financing, Canadian Shield has
7,650,034 common shares issued and outstanding. The closing of the
private placement is subject to the acceptance of the TSX Venture
Exchange.
The net proceeds of the offering will be used for: drilling and
analytical analysis at Colpayoc Property; property earn-in payments
and community agreements at Colpayoc Property; property license
fees; and working capital and general corporate purposes.
Investors are invited to visit the Canadian Shield IR Hub at
http://www.agoracom.com/IR/CanadianShield where they can post
questions and receive answers or review questions and answers
already posted by other investors. Alternatively, investors may
e-mail all questions and correspondence to EXP@agoracom.com where
they can sign up for the investor e-mail list to receive press
releases and updates in real time.
About Canadian Shield Resources Ltd. (TSX VENTURE: EXP)
Canadian Shield acquires and explores strategically-located
precious and base metal properties in South America. The Company
controls a portfolio of eight exploration properties located in
Peru and Chile. Canadian Shield will continue to focus on project
generation and joint venture opportunities to provide shareholders
with interests in a broad portfolio of South American mineral
properties. The Company's shares are listed on the TSX Venture
Exchange (Trading Symbol TSX-V: EXP). Further information is
available at Canadian Shield's website:
www.canadianshieldresources.com.
STATEMENTS IN THIS PRESS RELEASE, OTHER THAN PURELY HISTORICAL
INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE
PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE
FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON
NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND
UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS
A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED
IN THE FORWARD-LOOKING STATEMENTS. THE FOLLOWING ARE IMPORTANT
FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS: RISKS INHERENT IN EXPLORATION; RISKS ASSOCIATED WITH
DEVELOPMENT, CONSTRUCTION AND MINING OPERATIONS; CHANGES IN THE
WORLD WIDE PRICE OF COMMODITIES; THE UNCERTAINTY OF FUTURE
PROFITABILITY AND THE UNCERTAINTY OF ACCESS TO ADDITIONAL
CAPITAL.
NEITHER 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.
Contacts: Canadian Shield Resources Ltd. Bernard Kraft Chairman
& Interim CEO (416) 927-0025 Ext. 30 or Toll Free: 1 (888)
927-0025 (416) 927-1222 (FAX) investor@canadianshieldresources.com
www.canadianshieldresources.com Investor Relations AGORACOM
Investor Relations www.agoracom.com/IR/CanadianShield
EXP@Agoracom.com
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