Shear Announces the Partial Closing of $1.05 Million Private Placement

Shear Diamonds Ltd. (TSXV:SRM) reports the partial closing of its $1,050,220 private placement financing.

The press release is quoted as saying,

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.

For the complete press release, click here.