VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2012) - Shamrock Enterprises Inc. (CNSX:SRS) ("Shamrock" or the "Company") has received conditional approval for the listing of its common shares on the TSX Venture Exchange. Listing will be subject to the Company meeting certain conditions to list imposed by the TSX-V, including completion of a previously announced private placement with minimum gross proceeds of $1,050,000. The Company is actively proceeding to satisfy the listing conditions and obtain final approval. The Company will issue a further news release to update shareholders when the common shares commence trading on the TSX-V.
On September 12th, the Company announced that it had arranged a non-brokered private placement offering of up to 8,000,000 Units at $0.15 per Unit for gross proceeds of up to $1,200,000. Each Unit consists of one common share and one-half common share purchase warrant. Each whole Warrant shall be exercisable to acquire an additional common share for a two year period, at $0.25 per share in the first year and at $0.35 per share in the second year. The Company has now increased the amount of cash commission that may be paid to authorized persons who locate and introduce investors from 7% to 9% of the gross proceeds received. In addition, the Company will grant up to 720,000 Warrants based upon the Offering being fully subscribed. Each Warrant is exercisable into one share for a two year period from the date of issuance of the Warrants with at an exercise price of $0.25 per share during the first year, and an exercise price of $0.35 per share during the second year.
The Company intends to use the net proceeds to carry out the next phase of the recommended work programs, and to apply the balance to property payments and unallocated working capital.
About Fireweed: The Fireweed Property is a polymetallic (Ag, Zn, Pb, Cu, Au) discovery of massive sulphide and sulphide replacement type mineralization. The region has seen active mineral exploration since the turn of the century with numerous producers. Examples are the Granisle Mine (10 km to the southeast), Bell Copper Mine (5 km to the east) and the undeveloped Morrison Deposit (17 km to the northeast). One of the most significant was the Equity Silver Mine at Goosly Lake with very similar mineralization to Fireweed. Pursuant to a Letter of Understanding with Pachamama Resources Ltd. dated February 17, 2010 the Company has an exclusive option to earn up to a 70% interest in the Fireweed Property.
About Shamrock: Shamrock Enterprises Inc. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of silver and other precious metal properties in North America. The Company's Shares are listed and posted for trading on the Canadian National Stock Exchange ("CNSX") under the symbol "SRS".
On behalf of the Board,
Gordon Osinchuk, President
Forward-Looking Statements: This news release may contain forward-looking statements including but not limited to, information regarding geological interpretations, resources, potential timing and content of exploration programs, production schedules and projections, receipt of permits, Company financings etc. Forward-looking statements refer to events and conditions which have not yet taken place and therefore involve inherent risks and uncertainties. Actual results may differ materially from those anticipated in these statements. Shamrock Enterprises Inc. relies on litigation protection for forward-looking statements.
Neither the Canadian National Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Shamrock Enterprises Inc.
Gordon R. Osinchuk
Chief Executive Officer
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