Gulf Shores Closes First Tranche of Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/15/11 -- Gulf Shores Resources Ltd. (the "Company") (TSX VENTURE: GUL)(FRANKFURT: GFU) announces that further to its news release dated August 12, 2011 it has received TSX Venture Exchange ("Exchange") acceptance to the closing of the first tranche of its private placement and has issued an aggregate 7,610,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of $380,500 (the "Private Placement").
2,660,000 of the Units are flow-through Units ("FT Units") and 4,950,000 of the Units are non-flow-through Units ("NFT Units"). Each FT Unit is comprised of one flow-through common share and one-half of one flow-through common share purchase warrant ("FT Warrant"); each whole FT Warrant entitling the holder to purchase one additional 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 entitling 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 period of the FT Warrants and NFT Warrants to not less than 30 days following the date of such notice. The Units are subject to a hold period expiring December 13, 2011.
The Company paid aggregate finder's fees of $23,250 and 465,000 finder's warrants in connection with this first tranche. The finder's warrants are exercisable at $0.10 for two years, and are subject to a hold period expiring December 13, 2011.
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. The first well is expected to commence drilling this week.
ON BEHALF OF THE BOARD
A. Michael Turko, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts:
Gulf Shore Resources Ltd.
Mr. Gerald Otterman
(604) 683-3309 or Toll Free: (866) 292-2601
(604) 844-2834 (FAX)
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Datum: 15.08.2011 - 15:26 Uhr
Sprache: Deutsch
News-ID 1030756
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Oil & Gas
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