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April 12, 2005 |
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PRESS RELEASE #05-03 |
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| Trading Symbol: SWM : TSXV | |
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Sherwood Mining Corporation (TSXV:SWM) announces the closing of a private placement of $300,000, consisting of 1,200,000 common shares which have a hold period expiring August 1, 2005. The proceeds of the private placement will be used for general working capital and for use in the acquisition of Minto Explorations Ltd. previously announced on March 29, 2005. Sherwood has also issued 954,545 common shares to Quest Capital Corp. as a fee for the arrangement of a standby facility of C$7 million, which has allowed the Corporation to proceed with the acquisition of Minto Explorations Ltd. and related transactions. If Sherwood uses the standby facility a 10% draw down fee will be payable in common shares of Sherwood priced at a 20% discount to the prior 10-day weighted average share price at the time of the draw down, and a 12% per annum compounded monthly interest rate. The shares issued to Quest have a hold period expiring July 31, 2005. ON BEHALF OF THE BOARD OF
DIRECTORS
“D. Bruce McLeod”
For further information please contact Bruce McLeod, President of Sherwood at (604) 687-7545 or (888) 338-2200 The
TSX
Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this press release.
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Suite 860-625 Howe Street, Vancouver, B.C., Canada V6C 2T6 |
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