Seafield Announces Completion of Private Placement Plans Additional Financing
TORONTO, ONTARIO Private Placement– ( Seafield Resources Ltd. (the “Company”)(TSX VENTURE: SFF) is pleased to announce the completion of a private placement with Vistior Capital Limited (“Vistior”) of 6,771,429 common shares at a price of $0.035 per common share for gross proceeds of $237,000. The securities issued are subject to a four month hold period.
Seafield also plans an additional non-brokered private placement of up to 12,500,000 units at $0.04 for gross proceeds of $500,000. Each unit will consist of one common share and one full warrant exercisable for one common share at $0.10 for a period of two years. The warrants will also be subject to a forced conversion such that, if Seafield shares close at a price higher than $0.20 per share for 20 consecutive days, the warrant holders will have 30 days to exercise. All securities issued pursuant to the private placement will be subject to a four-month hold period from the closing date. Finders’ fees may be payable on the non-insider portions of the private placement. The private placement is subject to approval from the TSX Venture Exchange.
This news release includes certain “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company relies on litigation protection for forward looking statements.
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