TORONTO, Sept. 29 /CNW/ - Richbert Agencies S.A. ("Richbert") announced today that it has purchased through a private placement 2,250,000 Units of Sheltered Oak Resources Corp. ("Sheltered Oak") comprising of 2,250,000 common shares ("Common Shares") and 2,250,000 Common Share purchase warrants ("Warrants") at CAD$0.095 per Unit in accordance with the "accredited investor" exemption provided under National Instrument 45-106 - Prospectus and Registration Exemptions. Richbert entered into a subscription agreement with Sheltered Oak setting out the price and number of securities subscribed for. The Common Shares were issued from treasury. The private placement shares have a four month hold period ending January 22, 2010.
The acquisition represents 4.8% of the issued and outstanding common shares of Sheltered Oak as at September 21, 2009 and assuming the exercise of the 2,250,000 Warrants, the acquired securities would represent 9.1% of the issued and outstanding common shares. Each whole Warrant entitles its holder to acquire a Common Share at an exercise price of $0.10 per share for a period of 12 months from the date of issuance and at an exercise price of $0.12 per share for a period of 24 months from the date of issuance.
The Common Shares of Sheltered Oak were acquired by Richbert for investment purposes. Richbert may, from time to time, acquire additional common shares of Sheltered Oak, dispose of some or all of such common shares or may continue to hold such common shares.
Richbert had previously held 5,500,000 Common Shares of Sheltered Oak and 2,750,000 Warrants. Richbert therefore owns 16.4% of the issued and outstanding Common Shares. Assuming the exercise of Richbert's 5,000,000 Warrants and together with all of its joint actors, Richbert and its joint actors would own in the aggregate 13,239,831 Common Shares representing 25.1% of the then issued and outstanding Common Shares.
About Sheltered Oak Resources Corp.
Sheltered Oak Resources Corp. (TSX-V: OAK) is the parent company of Sheltered Oak Resources Inc., an Ontario corporation with its head office located in Oakville, Ontario. Sheltered Oak Resources Inc. is a junior mineral exploration corporation.
SOURCE RICHBERT AGENCIES S.A.
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