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Seafield Resources Up 16%, Heavily Traded as announces private placement of units

Seafield Resources Ltd (SFF.V) is up 16% on big volumes - close to 11 million units have changed hands - after announcing that it intends to complete a private placement offering of up to 16 million at a price of $0.50 per Unit, for gross proceeds of up $8 million. Each Unit will consist of one common share of the company and one common share purchase warrant with each Warrant entitling the holder thereof to purchase a common share at an exercise price of $0.75 for a period of two years following the closing of the offering.

In addition, the company intends to pay finder's fees to parties that refer subscribers to the company equal to 6% of the proceeds of the offering and will also issue broker warrants equal to 6% of the number of Units issued pursuant to the offering. Each broker warrant will entitle the holder to acquire a Unit for a period of two years from the date of issuance exercisable at a price of $0.50 per Unit. Proceeds of the Offering will be used to advance the company's Quinchia, gold property in Colombia and for general working capital purposes.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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