Board of Directors
Shane Resources announces closing of private placement
Thursday, 16 September 2004 00:00
Written by Shane Resources Ltd.
September 16, 2004 – Shane Resources Ltd. (TSX.H - SEI)
is pleased to announce a private placement of 2,500,000 units at a price of $0.20 per unit to total proceeds of $500,000. Each unit will consist of one common share and one share purchase warrant entitling the holder to purchase one additional common at a price of $0.25 for a period of one year. Of the 2,500,000 units issued, approximately 1,250,000 of the units will be flow-through.
A portion of the funds raised will be used to fund the purchase of a 50% interest in a gold property in Peru, as announced in the Company’s News Release dated September 13, 2004. The balance of the funds will be used for exploration of the Company’s properties in Saskatchewan and for general corporate purposes.
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