OAK Sheltered Oak Resources Corp.

Sheltered Oak Resources Corp. ("OAK" or the "Company") (TSX VENTURE:OAK) is
pleased to announce that on March 8, 2011 it completed a non-brokered private
placement offering (the "Offering") with the MineralFields Group and other
subscribers for aggregate proceeds of $1,650,999.97. The Company issued a total
of 800,000 units of the Company (the "Units") at a price of $0.095 per Unit
raising a total of $76,000 and the Company issued a total of 14,999,999
flow-through units of the Company (the "FT Units") at a price of $0.105 per FT
Unit raising a total of $1,574,999.97. The securities issued in the private
placement are subject to a four month hold period expiring on July 9, 2011.


Each FT Unit is comprised of one flow-through common share in the capital of the
Company (a "FT Unit Share") and one-half of one non-flow-through share purchase
warrant (each whole warrant, an "A Warrant"). Each whole A Warrant shall entitle
its holder to acquire a common share in the capital of the Company (an "A
Warrant Share") at an exercise price of $0.135 per A Warrant Share for a period
of 18 months from the date of closing. Each Unit is comprised of one non-flow
through common share in the capital of the Company (a "Unit Share") and one-half
of one non-flow-through share purchase warrant (each whole warrant, a "B
Warrant"). Each whole B Warrant shall entitle its holder to acquire a common
share in the capital of the Company (a "B Warrant Share") at an exercise price
of $0.125 per B Warrant Share for a period of 18 months from the date of
closing.


In connection with the private placement, OAK paid Limited Market Dealer, Inc.
("LMD") a cash finder's fee of $123,350 equal to 5% of the subscription proceeds
from the MineralFields Group of subscribers and issued 1,380,952 finder's fee
options (the "Finder's Options") equal to 10% of the number of FT Units
subscribed for by the MineralFields Group of subscribers. Each Finder's Option
entitles the holder to acquire one unit of OAK for a period of 18 months from
the date of closing of the Private Placement at an exercise price of $0.105 per
unit.


"We are very pleased to continue our relationship with the MineralFields Group",
said J.J. Elkin, President and CEO. "This is another important milestone in the
growth of Sheltered Oak Resources and we look forward to working with the
MineralFields Group as we develop our holdings on the Kerrs Property."


Including the private placement in December 2010 and this private placement, the
Company has raised gross proceeds of approximately $2.36 million. The Company
expects to use approximately $2 million on an 11,500 metre drilling program
which includes approximately $1.5 million toward further exploration on the
Kerrs Property and approximately $500,000 towards exploration on the adjoining
property. The Company is also using a portion of the proceeds for working
capital purposes.


ABOUT MINERALFIELDS, PATHWAY AND FIRST CANADIAN SECURITIES (R)

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 super flow-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 Fund Inc. corporate-class
mutual fund series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities (R) (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 and oil and gas exploration companies to
date through First Canadian Securities (R).


ABOUT SHELTERED OAK RESOURCES CORP.

Sheltered Oak Resources Corp. is focused on mineral exploration opportunities in
northeastern Ontario and owns a 100% interest in 26 mining claims, one mining
claim under option and one mining lease which comprise the Kerrs gold property
located approximately 90 kilometres east-northeast of Timmins and 70 kilometres
north of Kirkland Lake.


Should you wish to receive informational updates on Sheltered Oak Resources
Corp. please contact jennie@chfir.com. 


Forward-Looking Statements

This news release contains certain information that constitutes forward-looking
statements such as the Company's drilling program and use of proceeds.
Forward-looking statements are frequently characterized by words such as "plan,"
"expect," "project," "intend," "believe," "anticipate" and other similar words,
or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements. The
Company disclaims any obligation to update or revise any forward-looking
statements if circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on forward-looking
statements.

Sheltered Oak Resources Corp. (TSXV:OAK)
Historical Stock Chart
From Jun 2024 to Jul 2024

Sheltered Oak Resources Corp. (TSXV:OAK)
Historical Stock Chart
From Jul 2023 to Jul 2024