Gulf Shores Resources Limited: Announces Consolidation and Private Placement
29.06.2016 | Newsfile
Vancouver, June 29, 2016 - Further to its news release dated May 24, 2016, Gulf Shores Resources Limited (TSXV: GUL) (the "Company") announces:a) it has consolidated its issued and outstanding share capital on a two for one basis, and commenced trading on a post-consolidated basis on Monday, June 27, 2016;
b) it has closed the sale of its non-brokered private placement and issued in aggregate 15,465,000 post-consolidated common shares of the Company (the "Shares") at a price of $0.05 per Share for gross proceeds of CDN $773,250 (the "Offering").
In conjunction with the Offering, the Company will pay aggregate finder's fees of $41,265 and 825,300 broker's warrants to Leede Jones Gable Inc. Each broker's warrant will entitle the holder to acquire one common share of the Company at $0.05 for one year from the date of issue.
All securities to be issued pursuant to the Offering will be subject to a regulatory hold period of four months and a day expiring October 28, 2016, in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws, and such other further restrictions as may apply under foreign securities laws.
Upon closing of the private placement, there are 17,299,521 (post-consolidated) common shares issued and outstanding.
Proceeds of the Offering will be used to pay payables, for general working capital purposes, and to advance the Company's search for new business opportunities.
The Company further announces that Michael Seymour has resigned as a director of the Company. The Company thanks Mr. Seymour for his service.
ON BEHALF OF THE BOARD
"Michael Turko"
Michael Turko, President and CEO
Tel: (604) 683-3309