×

BRIEF-Seafield increases private placement financing

Oct 10 (Reuters) - Seafield Resources Ltd :

* Increases previously announced private placement financing

* Will now offer up to 20 million units increased from 13 million units

* Gross proceeds from private placement will now be $2.6 million

* Source text:

Seafield Resources Ltd. ("Seafield" or the "Company") (TSX VENTURE:SFF) is pleased to announce that it has increased the size of its private placement financing (the "Private Placement") previously announced on October 4, 2012. The Company will now offer up to 20,000,000 units for gross proceeds of $2,600,000, increased from 13,000,000 units for gross proceeds of $1,690,000. Each unit issued pursuant to the Private Placement will be comprised of one common share of the Company and one half of one common share purchase warrant. Each warrant shall be exercisable to acquire one Common Share of the Company at an exercise price of $0.20 per share for a period of 2 years.

The Private Placement is subject to TSX Venture Exchange approval and is expected to close by October 23, 2012.

Proceeds from the Private Placement will be used for completing the initial phase of the feasibility study of Seafield's Miraflores gold deposit, drilling at the Company's new porphyry target, Tesorito, and general and administrative expenses.

* Further company coverage

((Bangalore Newsroom; +1 646 223 8780))