Canadian Shield Closes Private Placement at $0.30 Per Unit Representing Significant Premium to Market
18 Dicembre 2007 - 3:09PM
Marketwired
TORONTO, ONTARIO ("Canadian Shield" or the "Company") is pleased
to announce it has completed a private placement of 1,000,000 Units
at a price of $0.30 per Unit for gross proceeds of $300,000. Two
directors of the Company have participated in the private placement
offering.
Each Unit is comprised of one common share and one-half
non-transferable Series N Warrant. Each whole Series N Warrant
("Warrant") entitles the holder to purchase one common share at an
exercise price of $0.50 for a period of 12 months from the date of
closing. The Warrant is callable, at the option of Canadian Shield,
four months after the date of closing in the event its common
shares trade at or over $0.75 per share for 10 consecutive trading
days.
Canadian Shield intends to use the proceeds from the private
placement to fund drilling and analytical analysis on its La
Estrella Gold-Silver-Copper Property where it recently announced
assay results from its initial drilling program that included 107
metres grading 99.1 g/t Silver Equivalent. A portion of the
proceeds from this private placement will be used for working
capital and general corporate purposes.
Phil Anderson, Canadian Shield's VP Exploration commented,
"Despite the recent share price, this financing represents
significant confidence in our underlying value. We are very pleased
to have completed this private placement as it will provide
Canadian Shield with additional funds to further explore our
exciting La Estrella Gold-Silver-Copper Property."
The 1,000,000 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.
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 are
able to e-mail all questions and correspondence to CSP@agoracom.com
where they can also request to be added to the investor e-mail list
to receive all future press releases and updates in real time.
About Canadian Shield Resources Inc.
Canadian Shield is a mineral exploration company building
shareholder value through the acquisition of major scale, base and
precious metal projects in prolific and established mineral
provinces in South America. Efforts are primarily focused on Peru,
a very prospective region ranking highly in the world's production
of gold (5th), silver (1st), copper (3rd), zinc (3rd) and tin
(2nd). The Company controls nine base and/or precious metals
projects, eight in Peru and one gold project in Chile through
acquisitions by its 100% owned Peruvian subsidiary Compania Minera
Canadian Shield Peru S.A.C. including the 90% acquisitions of
Gallant Minerals Peru Ltd. S.A. in September 2004 and Anderson Peru
Mining & Exploration S.A.C. in April 2007. Canadian Shield is
focused 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 (TSX VENTURE: CSP).
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 TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Canadian Shield Resources Inc. Bernard Kraft Chairman
Toll Free: 1-888-927-0025 Ext. 30 or (416) 927-0025 Ext. 30 (416)
927-1222 (FAX) Email: investor@canadianshieldresources.com Canadian
Shield Resources Inc. Phil Anderson VP Exploration Tel (VoIP Line):
(416) 907-5690 or (511) 719-6152 (511) 446-1194 (FAX) Email:
panderson@canadianshieldresources.com Website:
www.canadianshieldresources.com Investor Relations: AGORACOM
Investor Relations Email: CSP@Agoracom.com Website:
www.agoracom.com/IR/CanadianShield
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