Shoreham Resources closes $1.65-million financing

Shoreham Resources Ltd (C:SMH)
Shares Issued 63,059,298
Last Close 1/12/2010 $0.275
Tuesday January 12 2010 - News Release

Mr. David Bending reports

SHOREHAM CLOSES FINANCING INCLUDING MINERALFIELDS GROUP

Shoreham Resources Ltd. has closed a non-brokered financing of the company, pursuant to which the company has issued 5,499,998 units of the company at a price of 30 cents per flow-through unit, which raised gross proceeds of $1.65-million. The financing was closed on Dec. 31, 2009. MineralFields Group has participated through the purchase of 3,333,333 flow-through units for gross proceeds of $1-million.

Each flow-through unit comprises one common share of the company intended to qualify as a flow-through share under applicable Canadian tax laws and one-half of one warrant. Each whole warrant is exercisable by the holder thereof to purchase an additional non-flow-through common share of the company at any time for a period of two years following the closing at an exercise price of 40 cents per warrant share in the first year following the closing and 45 cents per warrant share in the second year following the closing.

Commissions and finders' fees were paid in respect of the financing to parties at arm's length to the company, consisting of a $50,000 cash finder's fee and 221,666 finder warrants. The finder warrants will allow the holders thereof to purchase up to 221,666 units at an exercise price of 30 cents per finder's unit at any time for a period of two years following the closing. Each finder's unit will comprise one non-flow-through common share of the company and one-half of one non-transferable common share purchase warrant, with each whole warrant having the same terms and conditions as the warrants comprising part of the units.

All securities issued in the financing will be subject to a hold period expiring four months and one day following the closing.

David Bending, MSc, PGeo, president and chief executive officer of Shoreham Resources, stated: "We are very pleased to be entering into this relationship with MineralFields Group. This is an important milestone in the growth of Shoreham Resources Ltd. and we look forward to working with MineralFields Group as we develop our mineral projects in Northern Ontario."

About MineralFields, Pathway and First Canadian Securities

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged superflow-through limited partnerships to investors throughout Canada, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at its website. First Canadian Securities (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard-dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting services, to resource companies. MineralFields and Pathway have financed several hundred mining companies, and oil and gas exploration companies, to date, through First Canadian Securities.