Trading Symbol: TSX-V OAK
OAKVILLE, ON, Feb. 13 /CNW/ - Sheltered Oak Resources Corp. (the
"Company") announced that it has completed the third tranche of its previously
announced private placement consisting of an additional 5,500,000 units of the
Company (the "Units") at a price of $0.085 per Unit, for aggregate proceeds of
$467,500. Each Unit consists of one common share of the Company ("Common
Share") and one-half of one Common Share purchase warrant as further described
in a news release dated December 10, 2008. All 5,500,000 Units issued in this
tranche were acquired by Richbert Agencies S.A. ("Richbert") and are subject
to a hold period expiring June 13, 2009.
The 5,500,000 Common Shares acquired by Richbert represent 18.3% of the
issued and outstanding Common Shares. Assuming the exercise of the 2,750,000
Warrants, Richbert would own 25.2% of the issued and outstanding Common
Shares. Jacob Joseph (JJ) Elkin may be considered to be acting jointly or in
concert with Richbert. Mr. Elkin is a director and officer of the Company and
owns 489,831 stock options of the Company. Assuming the exercise of Richbert's
2,750,000 Warrants and the exercise of Mr. Elkin's 489,831 stock options,
Richbert and Mr. Elkin would own in the aggregate 8,739,831 Common Shares
representing 26.3% of the then issued and outstanding Common Shares. Further
information required by securities legislation is available in an early
warning report dated February 13, 2009 filed by Richbert via SEDAR under
filings for the Company. A copy of the early warning report may also be
obtained by contacting Robert Hanson at the telephone number noted below.
In connection with the private placement, the Company paid a finder's fee
of $33,400 to Deacon & Company Capital Markets Inc. The Company also issued
non-transferable compensation options ("Compensation Options") entitling
Deacon & Company Capital Markets Inc. to purchase 392,944 units of the
Company. The terms of the Compensation Options were described in the news
release dated December 10, 2008.
The Company will use the proceeds from the private placement for further
exploration on the Kerrs Property and for working capital purposes.
About Sheltered Oak Resources Corp.
Sheltered Oak Resources Corp. is the parent company of Sheltered Oak
Resources Inc., an Ontario corporation with its head office located in
Oakville, Ontario. Sheltered Oak is a junior mineral exploration corporation
which has an option to acquire a 55% interest in and to the Kerrs Property
which consists of 43 unpatented mining claims and 12 mining leasehold patents
located in the Matheson area of Ontario.
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,