Gulf Shores Acquires Southeast Saskatchewan Acreage
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/12/11 -- Gulf Shores Resources Ltd. (the "Company") (TSX VENTURE: GUL)(FRANKFURT: GFU) announces that further to its news release dated April 4, 2011 announcing a non-brokered private placement, it will be filing documentation with the TSX Venture Exchange ("Exchange") for acceptance today seeking Exchange approval to a first tranche closing of $380,500 through the issuance of an aggregate 2,660,000 flow-through units ("FT Units") and 4,950,000 non-flow-through units ("NFT Units") at a price of $0.05 per FT Unit and NFT Unit. Each FT Unit is comprised of one common share and one-half of one flow-through common share purchase warrant ("FT Warrant"); each whole FT Warrant will entitle the holder to purchase one flow-through common share at a price of $0.10 per share for a period of two years from the date of issuance. Each NFT Unit is comprised of one common share and one common share purchase warrant ("NFT Warrant"); each NFT Warrant will entitle the holder to purchase one common share at a price of $0.10 per share for a period of two years from the date of issuance. The FT Warrants and NFT Warrants are subject to an acceleration clause such that in the event the closing price of the Company's common shares on the Exchange is equal to greater than $0.15 per share for 20 consecutive trading days at any time following four months after the date of closing, the Company may, by notice to the Warrant holders, reduce the remaining exercise price period of the FT Warrants and NFT Warrants to not less than 30 days following the date of such notice.
The private placement proceeds will be used for the drilling of three separate seismically defined Bakken structures in South East Saskatchewan, and for general working capital purposes.
ON BEHALF OF THE BOARD
Michael Turko, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts:
Gulf Shores Resources Ltd.
Mr. Gerald Otterman
(604) 683-3309 or Toll Free: (866) 292-2601
(604) 844-2834 (FAX)
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Datum: 12.08.2011 - 10:47 Uhr
Sprache: Deutsch
News-ID 1030177
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Oil & Gas
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