Trading Symbol: TSX-V OAK
TORONTO, Jan. 13 /CNW/ - Sheltered Oak Resources Corp. ("OAK") is very
pleased to announce that Mr. J J Elkin has joined OAK as President to work
with Robert Hanson CEO in growing OAK through merger and acquisition
possibilities. Mr. Elkin has a MBA from Harvard and has had a distinguished
international business career as an International Securities Analyst and
Portfolio Manager with Fidelity Management & Research of Boston MA. Mr. Elkin
has served as Chairman and CEO of a number of companies including, TVX Gold, a
company listed on the TSX and NYSE with gold assets in Canada, Brazil and
OAK is equally pleased to announce that Art Hampson CA has joined OAK as
its CFO as Patrick Morris has resigned. Mr. Hampson has extensive experience
in the mining industry and is currently the CFO of another public company in
the gold exploration business and a private mining exploration company.
OAK will continue to focus its exploration activity at the Kerrs Gold
Property located on the western shore of Lake Abitibi, northeast of Matheson
Ontario where, on November 19, 2008 it was announced that through Diamond
Drilling the Kerrs Gold Property has been extended. Further work has been
completed and OAK is awaiting results from the Assay Lab.
GRANT OF STOCK OPTIONS
OAK announces that on January 7, 2009 it granted stock options to
directors and officers of OAK to purchase in the aggregate up to 800,000
common shares ("Common Shares") in the capital of OAK at an exercise price of
$0.10 per Common Share. The stock options shall expire on January 7, 2012. The
options were granted pursuant to OAK's incentive stock option plan, under
which a maximum of 10% of the issued and outstanding Common Shares are
reserved for issuance. The current number of issued and outstanding Common
Shares is 24,510,808.
COMPLETION OF SECOND TRANCHE OF PRIVATE PLACEMENT
OAK also announces that on December 31, 2008 it completed the second
tranche of its previously announced private placement consisting of 100,000
flow-through units of OAK (the "FT Units") at a price of $0.10 per FT Unit,
for aggregate proceeds of $10,000. The FT Units were described in a news
release dated December 10, 2008. The FT Units are subject to a hold period
expiring May 1, 2009.
In connection with the private placement, OAK paid a finder's fee of $800
to Altus Securities Inc. OAK also issued non-transferable compensation options
("Compensation Options") entitling Altus Securities Inc. to purchase 8,000
non-flow-through units of OAK. The terms of the Compensation Options were
described in the news release dated December 10, 2008. Further to the December
10, 2008 news release OAK is expecting to complete a third tranche of the
private placement with the issuance of 5,500,000 non flow-through units to one
investor upon receipt of TSX Venture Exchange approval.
OAK will use the proceeds from the private placement for further
exploration on the Kerrs Property and for working capital purposes.
About OAK :
OAK is the parent company of Sheltered Oak Resources Inc., an Ontario
corporation with its head office located in Oakville, Ontario. OAK is a junior
mineral exploration corporation which has an option to acquire a 55% interest
in and to the Kerrs Gold Property which consists of 43 unpatented mining
claims and 12 mining leasehold patents located in the Matheson area of
The TSX Venture Exchange does not accept responsibility for the accuracy
or adequacy of this news release.
For further information:
For further information: Robert Hanson, Chief Executive Officer,
Sheltered Oak Resources Corp., Tel: (905) 827-5414, Fax: (905) 847-9575,
Email: firstname.lastname@example.org; Art Hampson, Chief Financial Officer,
Sheltered Oak Resources Corp., Email: email@example.com