Sheltered Oak Resources Corp. proposes to complete a non-brokered private placement for aggregate proceeds of $189,000, consisting of 2,100,000 units of the Company at a price of $0.09 per Unit.
Richbert Agencies S.A. is expected to subscribe for the full Private Placement.
Each Unit shall be comprised of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle its holder to acquire a common share in the capital of the Company at an exercise price of $0.12 per share for a period of eighteen months from the date of closing.
The Company will use the proceeds from the private placement for further exploration on the Kerrs Property and for working capital purposes.
Subject to TSX Venture Exchange approval, the Company expects to close the Private Placement in about two weeks time.
Source: Sheltered Oak Resources Corp.