VANCOUVER, March 4 /PRNewswire/ - Guyana
Frontier Mining Corp. ("Guyana Frontier", formerly Shoreham
Resources Ltd.) is pleased to announce the closing of a
non-brokered private placement (the "Private Placement") that
raised gross proceeds of $350,000
through the sale of 700,000 flow-through units ("FT Units") at a
price of $0.50 per FT Unit.
Each FT Unit is comprised of one common share of Guyana Frontier 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 Guyana Frontier 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 Guyana Frontier's Canadian mineral
properties. 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 Guyana Frontier expects or anticipates will or
may occur in the future, including such things as the future
expenditures of the proceeds raised in the Private Placement,
future mineral exploration activities, future business strategy,
competitive strengths, goals, expansion, growth of Guyana
Frontier'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 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 Guyana Frontier 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.