TORONTO, ONTARIO, Dec. 9, 2010 (Marketwire) -- Seafield Resources Ltd. (the "Company") (TSX VENTURE:SFF) is pleased to announce that it intends to complete a private placement offering of up to 16,000,000 units ("Units) at a price of $0.50 per Unit, for gross proceeds of up $8,000,000 (the "Offering"). Each Unit will consist of one common share (a "Common Share") of the Company and one common share purchase warrant (a "Warrant") with each Warrant entitling the holder thereof to purchase a Common Share at an exercise price of $0.75 for a period of two years following the closing of the Offering.
In addition, the Company intends to pay finder's fees to parties that refer subscribers to the Company equal to 6% of the proceeds of the Offering and will also issue broker warrants equal to 6% of the number of Units issued pursuant to the Offering. Each broker warrant will entitle the holder to acquire a Unit for a period of two years from the date of issuance exercisable at a price of $0.50 per Unit.
Proceeds of the Offering will be used to advance the Company's Quinchia, gold property in Colombia and for general working capital purposes.
The securities issued are subject to a four month hold period from the date of issuance. Completion of the private placement is subject to final acceptance of 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Seafield Resources Ltd.