Sheltered Oak hires new president for M&A

2009-01-13 13:37 ET - News Release

Mr. Robert Hanson reports

SHELTERED OAK RESOURCES CORP. - NEW PRESIDENT AND CFO APPOINTED BY BOARD

J.J. Elkin has joined Sheltered Oak Resources Corp. as president to work with Robert Hanson, chief executive officer, in growing Sheltered Oak Resources through merger and acquisition possibilities. Mr. Elkin has a master of business administration from Harvard and has had a distinguished international business career as an international securities analyst and portfolio manager with Fidelity Management & Research of Boston, Mass. Mr. Elkin has served as chairman and chief executive officer of a number of companies including, TVX Gold, a company listed on the Toronto Stock Exchange and New York Stock Exchange with gold assets in Canada, Brazil and Chile.

Sheltered Oak Resources is equally pleased to announce that Art Hampson, chartered accountant, has joined Sheltered Oak Resources as its chief financial officer, as Patrick Morris has resigned. Mr. Hampson has extensive experience in the mining industry and is currently the chief financial officer of another public company in the gold exploration business and a private mining exploration company.

Sheltered Oak Resources will continue to focus its exploration activity at the Kerrs gold property located on the western shore of Lake Abitibi, northeast of Matheson, Ont., where, on Nov. 19, 2008, it was announced in Stockwatch that through diamond drilling the Kerrs gold property has been extended. Further work has been completed and Sheltered Oak Resources is awaiting results from the assay lab.

Grant of stock options

Sheltered Oak Resources announces that on Jan. 7, 2009, it granted stock options to directors and officers of Sheltered Oak Resources to purchase a total of up to 800,000 common shares in the capital of Sheltered Oak Resources at an exercise price of 10 cents per common share. The stock options shall expire on Jan. 7, 2012. The options were granted pursuant to Sheltered Oak Resources' incentive stock option plan, under which a maximum of 10 per cent 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

Sheltered Oak Resources also announces that on Dec. 31, 2008, it completed the second tranche of its previously announced private placement comprising 100,000 flow-through units of Sheltered Oak Resources at a price of 10 cents per flow-through unit, for total proceeds of $10,000. The flow-through units were described in a news release dated Dec. 10, 2008, and reported in Stockwatch. The flow-through units are subject to a hold period expiring May 1, 2009.

In connection with the private placement, Sheltered Oak Resources paid a finder's fee of $800 to Altus Securities Inc. Sheltered Oak Resources also issued non-transferable compensation options entitling Altus Securities Inc. to purchase 8,000 non-flow-through units of Sheltered Oak Resources. The terms of the compensation options were described in the news release dated Dec. 10, 2008, and reported in Stockwatch. Further to the Dec. 10, 2008, news release also reported in Stockwatch, Sheltered Oak Resources is expecting to complete a third tranche of the private placement with the issuance of 5.5 million non flow-through units to one investor upon receipt of TSX Venture Exchange approval.

Sheltered Oak Resources will use the proceeds from the private placement for further exploration on the Kerrs property and for working capital purposes.