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Gulf Shores Announces Share Consolidation and Private Placement
May 24, 2016 3:45 PM EDT | Source: Ashanti Gold Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 24, 2016) - Gulf Shores Resources Ltd. (TSXV: GUL) (the "Company") announces its intention to undertake the following:
- the consolidation of its current issued and outstanding common shares on the basis of one new post-consolidated share for every two outstanding shares; and
- a private placement to raise up to $800,000 through the sale of 16,000,000 post consolidated shares at $0.05 per post consolidated share.
Proceeds of the placement will be used to pay payables and for general working capital purposes to advance the Company's search for new business opportunities.
The private placement is subject to approval of the TSX Venture Exchange. The shares will be subject to a four month hold period.
The Company is currently reviewing a number of mineral exploration opportunities in West Africa.
ON BEHALF OF THE BOARD
"MICHAEL TURKO"
Michael Turko
President
Tel: (604)683-3309
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.