Silver Shield Resources Corp., Announces the Closing of the Final Tranche of its Previously Announced Non-Brokered Private Placement Raises
TORONTO, May 16, 2016 - Silver Shield Resources Corp., (CSE: SSR), (the "Corporation") announced today that it has closed the Fifth and Final Tranche of its concurrent non-brokered Private Placement offerings. In total Two Hundred and Forty-One Thousand, Five Hundred & Eighteen Dollars ("$241,518.00") CDN was raised via the sale of Two Million Two Hundred and Eight-Six Thousand, Nine Hundred and Eighty ("2,286,980") units at $0.10 per unit, and via the sale of One Thousand Two Hundred and Eighty-Two ("1,282") Series "A" Preferred Shares at $10.00 per share. No commission or finder's fee is payable with respect to the closing of this tranche of the placements. Each unit is comprised of one common share of the Corporation, and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of the Corporation for $0.15 for a period of 36 months from the closing date. Combined and in total, the Corporation raised One Million, One Hundred and Seventy-Five Thousand, Five Hundred and Fifty-Eight Dollars ("$1,175,558.00") CDN between the two offerings. The Corporation has agreed to issue an aggregate of Eight Hundred & Sixty-Six Thousand, One Hundred & Seventy-Five ("866,175") Shares at a deemed prices of $0.10 & $0.20 per Share to settle debts owed to arm's length and non-arm's length parties. All Shares issued in connection with the shares for debt transaction are subject to a four-month statutory hold period, in accordance with applicable securities legislation.
For further information please contact:
Mr. Frank Kordy, Interim CEO
Silver Shield Resources Corp.
T: (647) 466-4037
E: frank.kordy@silvershieldresources.net
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Silver Shield Resources Corp.