CALGARY, AB / ACCESSWIRE / June 25, 2019 / Shane Resources Ltd. (the "Corporation") announces that further to its News Release dated April 24, 2019, it has entered into a loan agreement (the "Loan Agreement") with an arm's length lender to borrow $10,000 (the "Loan") which Loan has been converted into 20,000,000 Units of the Corporation at a price of $0.0005 per Unit, Each Unit consisted of one common share and one common share purchase warrant ("Warrant"), each Warrant entitling the holder to purchase one additional common share at an exercise price of $0.002 per share until May 27, 2024. The common shares, the Warrants and the common shares issuable upon exercise of the Warrants are subject to a statutory four month holder period and the CTO defined below.
The Corporation has also closed the Private Placement referred to in the April 24, 2019 News Release. Pursuant to the Private Placement, the Corporation issued (i) 46,226,875 common shares, at a subscription price of $0.0005 per common share; and (ii) 19,443,285 common shares, at a subscription price of $0.002 per common share. The common shares are subject to a statutory four month hold period and the CTO defined below.
On May 9, 2019, the Securities Division of the Financial and Consumer Affairs Authority of Saskatchewan issued a variation order (the "Variation Order") to vary a cease trade order issued against the Corporation on June 11, 2014 (the "CTO"), which Variation Order was solely for the purpose of allowing the Corporation to enter into the Loan Agreement, the conversion of the Loan and the Private Placement. The securities issued pursuant to the conversion of Loan and the Private Placement are subject to the CTO. There is no guarantee that the CTO will be fully revoked and until such time as the CTO is fully revoked, the securities will remain subject to the CTO.
For further information contact;
Shane Resources Ltd.
Attention: Lorilee Kozuska
Chief Financial Officer
Phone: (604) 562-5516
E-mail: lkozuska@me.com
SOURCE: Shane Resources Ltd.
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