BURLINGTON, ON, Feb. 23 /CNW/ - Silver Shield Resources Corp. (TSX-V: SSR) (the "Company") is pleased to announce that it has completed a
non-brokered private placement (the "Private Placement") to raise
$540,000 through the issuance of 10,800,000 non flow-through units.
Each unit consists of one common share in the capital of the Company,
issued at $0.05 per Unit, and one common share purchase warrant. Each
full warrant has a term of 24 months from the date of issuance (the
"Expiry Date") and entitles the holder to purchase one common share of
the Company at an exercise price of $0.10 per share for a period of six
months, and at that time if not exercised, at a price of $ 0.15 at any
time for a further 18 months. As per security rules the shares are
subject to a four month hold period.
The Company paid a finder's fee to arm's length parties in connection
with the Private Placement, in cash and/or securities of the Company,
in accordance with the policies of the TSX Venture Exchange.
Insiders: Tim D. Towers 500,000 shares
Pro Group: Joseph Zenha 100,000 shares
The Company plans to use the funds for working capital purposes and to
immediately initiate its plans to expand and enhance its presence in
Mexico. The Company continues to hold paramount its goal to develop
its properties into small to mid size production operations, and
continues to source Mexican projects that can be brought to production
in the short to near term.
We seek Safe Harbour.
ON BEHALF OF THE BOARD
SILVER SHIELD RESOURCES CORP.
"Tim Towers" (signed)
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined on the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Company Management, which takes full responsibility for content,
prepared this news release. In order to proceed fully with the
Company's exploration and acquisition plans, additional funding may be
necessary and, depending on market conditions, this funding may not be
forthcoming on a schedule or on terms that facilitate the Company's
For further information:
|please visit www.silvershieldresources.com or contact:|
|Silver Shield Resources Corp.|
|Tim Towers, Chief Executive Officer, Phone: 289-337-6162|
|Donald Shaxon, Manager of Corporate Development, (289) 838-5936 |
|Fax: 289-337-6678 |