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Shear Diamonds Ltd

Published : December 20th, 2007

Closes Private Placement

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Shear Minerals Ltd. Closes $3.2 Million Private Placement

December 20, 2007

           

EDMONTON, Alberta - Shear Minerals Ltd. (“Shear”) (SRM:TSXV) today announced that it closed a non-brokered private placement of 4,263,266 flow through common shares of Shear (“FT Shares”) at a price of $0.75 per FT Share for aggregate gross proceeds of $3,197,449.50 million.

 

In connection with the sale of 2,666,666 FT Shares to the MineralFields Group, Shear paid Limited Market Dealer Inc. the sum of $130,000 (equal to 6.5% of the gross proceeds realized from the sale of such FT Shares) and issued non-transferable share purchase warrants (Finder’s Warrants) entitling it to acquire 186,666 common shares of Shear (“Common Shares”) (equal to 7% of such FT Shares) at a price of $0.75 per Common Share at anytime until December 19, 2009.  In connection with the sale of 1,433,267 FT Shares, Shear paid Integral Wealth Securities Limited the sum of $69,871.77 and issued Finder’s Warrants to acquire 100,329 Common Shares.  Shear also paid a due diligence fee of $10,600 (inclusive of GST) to Limited Market Dealer Inc.

 

The FT Shares were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation.  The proceeds will be used to incur expenditures which qualify as Canadian Exploration Expenses and will be spent primarily on Shear’s Churchill Diamond Project in Nunavut.  The FT Shares, Finder’s Warrants and Common Shares issued upon exercise of the Finder’s Warrants are subject to a restricted period which expires on April 20, 2008.

 

“We are very pleased to be continuing our relationship with MineralFields Group”, said Pamela Strand, President and CEO of Shear.  MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund that offers its tax-advantaged super flow-through limited partnerships to investors in Canada as well as hard-dollar resource limited partnerships.

 

Shear Minerals Ltd. is a Canadian-based exploration company focused on Diamond exploration in the Canadian North where it explores in established Diamond districts and has discovered new ones. Shear currently has a portfolio of eight Diamond projects, seven of which are drill-ready. The Company has advanced its 58%-owned Churchill Diamond property in Nunavut from a conceptual grassroots project to a new kimberlite district.

 

For further information please contact:

Pamela Strand, President and CEO.

Tel:  (780) 435-0045; Fax: (780) 989-0322

www.shearminerals.com

E-Mail: info@shearminerals.com

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

 

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Shear Diamonds Ltd

EXPLORATION STAGE
CODE : SRM.V
ISIN : CA8209792016
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Shear Diamonds is a diamonds exploration company based in Canada.

Shear Diamonds holds various exploration projects in Canada and in Philippines.

Its main exploration properties are CHURCHILL, MIMINISKA LAKE, CANOE LAKE, EDSON, JERICHO MINE, AFRIDI LAKE, AYLMER LAKE and AYLMER LAKE WEST in Canada.

Shear Diamonds is listed in Canada. Its market capitalisation is CA$ 2.4 millions as of today (US$ 2.2 millions, € 1.6 millions).

Its stock quote reached its highest recent level on December 31, 2003 at CA$ 1.70, and its lowest recent point on November 02, 2012 at CA$ 0.04.

Shear Diamonds has 53 329 000 shares outstanding.

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Corporate Presentations of Shear Diamonds Ltd
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Financings of Shear Diamonds Ltd
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11/16/2007Expiry of Warrants Extended
11/13/2007Application to Extend Term of Warrants
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9/24/2008(Churchill)discovers nine new kimberlites at the Churchill Diamond Proj...
9/15/2008(Churchill)ANNOUNCES NEW KILLIQ KIMBERLITE AT CHURCHILL DIAMOND PROJECT...
7/2/2008(Churchill)announces 2008 program underway at the Churchill Diamond Pro...
6/27/2008(Churchill)REPORTS ADDITIONAL HIGH INTEREST MINERAL DISPERSIONS AT CHUR...
5/14/2008(Afridi Lake)ANNOUNCES COMPLETION OF SPRING AFRIDI LAKE EXPLORATION DRILL...
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5/17/2007(Afridi Lake)Announces Exploration Plans for Afridi Lake Diamond Property
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7/13/2011Announces Beginning of Process Evaluation at Jericho Diamond...
7/6/2011Announces Additional 75,000 Acres in Mineral Rights and Expl...
5/31/2011Announces Engagement of DRA Americas to Evaluate Jericho Dia...
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4/26/2011featured in the Toronto Star April 25, 2011
3/15/2011Reports Overall Diamond Recovery of 0.35 cpt From 25.6 Tonne...
3/8/2011Announces Extension of Type A Water Licence for Jericho Diam...
7/23/2010July 23, 2010
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5/10/2010Press Release - May 2010
5/3/2010$550,000 program for 2010 at Chesterfield Inlet Project
3/17/2010Finalizes agreement with Rio Tinto report on fall fieldwork ...
3/8/2010Press Release March 8, 2010
1/15/2010Commences drilling at Liege Diamond Project, Alberta
1/12/2010Invite to Investing in Nunavut Reception - January 17, 2009
10/14/2009From Shear Minerals Ltd.
9/18/2009COMMENTS ON TRADING ACTIVITY
8/10/2009AND STORNOWAY OPTION CHESTERFIELD INLET CLAIMS, NUNAVUT
1/23/2009Featured on 'Innovations in the North'
7/17/2008Announces Road Accessible Drill Ready Targets
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8/1/2007 REPORTS AN ADDITIONAL 31 DIAMONDS WEIGHING 1.74 CARATS FROM...
7/18/2007and Stornoway Announce the Acquisition of Additional Interes...
3/15/2007 Recipient of Environmental Award
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