Stroud Completes First Tranche of Private Placement
December 17 2007 - 4:16PM
Marketwired
TORONTO, ONTARIO ("Stroud") is pleased to announce that it has
completed the first tranche of its previously announced
non-brokered private placement to raise up to $2.0 million. Stroud
has issued and sold today 6,550,000 units at a price of $0.105 per
unit raising gross proceeds of $687,750. Each unit consisted of one
common share and one-half of one common share purchase warrant,
with each whole warrant entitling the holder to acquire one common
share at a price of $0.15 until December 17, 2009. In connection
with the placement, the Company has paid finder's fees of $26,880
in cash and issued 280,000 finder's warrants exercisable at $0.15
for a 12 month period to registered dealers who have arranged for
purchasers of units. All securities issued pursuant to the private
placement are subject to a 4-month hold period.
Proceeds from the private placement will be used to fund
Stroud's ongoing diamond drilling program on its 100% owned Santo
Domingo silver project in Jalisco, Mexico and for general corporate
purposes.
Stroud is continuing to market the balance of the private
placement with a view to raising additional funds up to the $2
million aggregate maximum in one or more closings to be completed
on or prior to January 17, 2008.
Stroud is a debt-free exploration company focused on the
discovery and exploration of silver and gold deposits in Mexico and
Ontario. Stroud owns a 100% interest in the Santo Domingo
epithermal silver-gold project in central Mexico. In addition to
the Santo Domingo project, Stroud's assets include 100% interests
in the Hislop gold property, near Timmins, Ontario and the Leckie
gold property, near North Bay, Ontario. Stroud also generates cash
flow from a 3.75% interest in six natural gas, and natural gas
condensate wells in central Alberta.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Stroud Resources Ltd. Mr. George Coburn President and
CEO (416) 362-4126 Email: gcoburn@stroudresourcesltd.com Website:
www.stroudresourcesltd.com
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