VANCOUVER, Feb. 24 /PRNewswire/ - Guyana Frontier Mining
Corp. (TSX Venture: GYG) ("Guyana Frontier", or the
"Company", formerly Shoreham Resources Ltd.) is pleased to announce
a non-brokered private placement (the "Private Placement") to raise
gross proceeds of up to $350,000
through the sale of up to 700,000 flow-through units ("FT Units")
at a price of $0.50 per FT
Unit. Each FT Unit will be comprised of one common share of
the Company to be issued on a "flow-through" basis under the Income
Tax Act (Canada) and one-half of
one common share purchase warrant (each whole warrant a "Warrant").
Each whole Warrant will be exercisable to acquire one additional
non-flow-through common share of the Company at any time for a two
year period following issuance, at an exercise price of
$0.70 per share in the first year and
$0.75 per share in the second
year.
The proceeds of the Private Placement will be
used for exploration of the Company's Canadian mineral
properties. The Private Placement is subject to the
acceptance of the TSX Venture Exchange. All securities issued in
the Private Placement will be subject to a four-month hold period
pursuant to applicable securities laws.
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 release contains "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements that address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including such things as the whole or partial
closing of the Private Placement, the future expenditures of the
proceeds raised in the Private Placement, future mineral
exploration activities, future business strategy, competitive
strengths, goals, expansion, growth of the Company's businesses,
operations, plans and with respect to exploration results, the
timing and success of exploration activities generally, permitting
time lines, government regulation of exploration and mining
operations, environmental risks, title disputes or claims,
limitations on insurance coverage, timing and possible outcome of
any pending litigation and timing and results of future resource
estimates or future economic studies.
Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"planning", "planned", "expects" or "looking forward", "does not
expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate", or
"belief", or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements are based on a number
of material factors and assumptions, including the receipt of
necessary regulatory approvals, investor interest in the Private
Placement, that counterparties to material agreements will duly
perform their obligations thereunder, the results of drilling and
exploration activities, that contracted parties provide goods
and/or services on the agreed timeframes, that equipment necessary
for exploration is available as scheduled and does not incur
unforeseen break downs, that no labour shortages or delays are
incurred, that plant and equipment function as specified, that no
unusual geological or technical problems occur, and that laboratory
and other related services are available and perform as
contracted. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other
factors which may cause the actual results, performance or
achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of
minerals; possible variations in grade or recovery rates; failure
of equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the company's publicly filed documents.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
SOURCE Guyana Frontier Mining Corp.
Copyright . 24 PR Newswire