Shear Announces the Partial Closing of $1.05 Million Private Placement, Officer Appointments and Grant of Incentive Stock Opt...
August 22 2011 - 8:30AM
Marketwired
Shear Diamonds Ltd. (TSX VENTURE: SRM) today announced the
successful partial closing of its $1,050,220 private placement
financing, three new corporate officer appointments and the grant
of incentive stock options.
Private Placement
Subject to final TSX Venture Exchange acceptance, Shear has
partially closed a non-brokered private placement on August 19,
2011 for hard dollar gross proceeds of $1,050,220 with the sale of
3,750,786 common shares at a price of $0.28 per share. The maximum
size of the proposed offering is $1,500,000 at $0.28 per share of
hard dollars. The common shares of Shear ("Common Shares") were
sold to qualified purchasers in reliance upon exemptions from the
prospectus and registration requirements of applicable securities
legislation. The proceeds from the sale of the Common Shares will
be utilized for working capital and operations at Shear's Jericho
Diamond Mine, Nunavut. No finders fees were payable in connection
with this private placement and insiders participated in the
financing.
Corporate Appointments
Shear is pleased to announce that it has appointed the following
corporate officers, Ms. Stephanie Autut to the position of Vice
President, Environment and Community Affairs; Mr. Richard Belfer as
Acting CFO and Mr. Chris Morton as Vice President, Operations.
Ms. Autut has worked in senior positions for the Nunavut Impact
Review Board, Nunavut Tunngavik Incorporated and the Kitikmeot
Inuit Association. Notable is her 11 years as Executive Director
for the Nunavut Impact Review Board, the agency responsible for
impact assessment in Nunavut. In her current role, Stephanie will
lead the Shear team and Shear's consulting firms to develop,
execute and manage the implementation of a strategic environmental
and community affairs plan and permitting strategy. Stephanie
gained her diploma in Environmental Protection from the School of
Civil Engineering at Centennial College in Toronto, Ontario and her
bachelor's degree in English and Geography at Wilfrid Laurier
University in Waterloo, Ontario.
Mr. Belfer is a finance professional with significant experience
in the mining and consumer / industrial product industries. He
joined Shear as Controller in May 2011. Prior to joining Shear Mr.
Belfer spent four years with PricewaterhouseCoopers in assurance,
tax and corporate restructuring roles in both Canada and Australia.
Mr. Belfer is a Chartered Accountant and obtained a Bachelor of
Commerce from Dalhousie University and a Masters in Business
Administration from McMaster University.
Mr. Morton is a specialist in diamond recovery and diamond
processing optimization. He has been involved in the mining
industry for fifteen years and has had many years involvement
specifically in the diamond mining sector including past employment
with Rio Tinto. His passions are team building and the
collaborative development of successful projects. Mr. Morton has
been a part of the Shear team as Site & Process Manager for
Shear's Jericho Mine and he recognizes the unlimited potential of
Jericho as a viable diamond production facility and he is excited
to be part of Shear Diamonds team.
Incentive Stock Options
In addition and subject to regulatory approval, Shear announced
that the Board of Directors has granted options pursuant to Shear's
incentive stock option plan to certain directors, officers,
employees and consultants to acquire an aggregate of 3,525,000
Common Shares. The stock options are exercisable at a price of
$0.30 per Common Share, equal to the market value on August 19,
2011, the date of their grant. The options have expiry dates of
between two and five years from the option grant date.
About Shear Diamonds Ltd.
Shear is a Canadian-based company focused on diamond exploration
in Canada's north, where it explores established diamond districts
and has discovered new ones. Shear currently has a portfolio of
eight diamond projects and holds a 100% interest in its recently
acquired Jericho Diamond Mine and surrounding exploration assets,
located in the Kitikmeot region of Nunavut.
On behalf of the Board of SHEAR DIAMONDS LTD.
Pamela Strand, P. Geol., President
Julie Lassonde, CEO & Executive Chairman
This news release may contain forward looking statements, being
statements which are not historical facts, including, without
limitation, statements regarding potential mineralization,
exploration results, resource or reserve estimates, anticipated
production or results, sales, revenues, costs, "best-efforts"
financings or discussions of future plans and objectives. There can
be no assurance that such statements will prove accurate. Such
statements are necessarily based upon a number of estimates and
assumptions that are subject to numerous risks and uncertainties
that could cause actual results and future events to differ
materially from those anticipated or projected. Important factors
that could cause actual results to differ materially from Shear's
expectations are in its documents filed from time to time with the
TSX or the TSX Venture Exchange and provincial securities
regulators, most of which are available at www.sedar.com. Shear
disclaims any intention or obligation to revise or update such
statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Shear Diamonds Ltd. Pamela Strand, P. Geol. President
416-479-8728 or 1-866-298-9695 Shear Diamonds Ltd. Julie Lassonde
CEO & Executive Chairman 416-479-8728 or 1-866-298-9695 Shear
Diamonds Ltd. Suite 220, 6 Adelaide Street East Toronto, Ontario,
Canada M5C 1H6 416-479-8728 or 1-866-298-9695 416-703-9014 (FAX)
www.sheardiamonds.com
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