Private Placement Completed Arrowsmith Property Approval
NEW SHOSHONI VENTURES LTD.
609-475 HOWE STREET VANCOUVER, B.C.
V6C 2B3
TEL: (604) 682-1643 FAX: (604) 682-1666 [email protected]
TSX VENTURE EXCHANGE SYMBOL: NSV Frankfurt: NWV
December 9, 2010 News Release
Private Placement Completed Arrowsmith Property Approval
Further to News Releases dated October 1, 2010 and November 15, 2010, wherein the Company announced a private placement to raise gross proceeds of $905,000, the first tranche of the private placement has closed upon receipt of TSX Venture Exchange approval. This tranche of the private placement consists of 953,500 Flow Through Units priced at $0.08 per unit, (raising $76,280) and 4,936,666 Non Flow Through Units priced at $0.06, (raising $296,200).
Each Flow Through Unit consists of one flow through share plus one warrant exercisable into one non flow through share at $0.15 per share for a period of 12 months and at $0.30 for an additional 12 months. The Company plans to spend the flow-through funds raised for exploration on its DS and Arrowsmith properties located on Vancouver Island in British Columbia.
Each Non Flow Through Unit consists of one non flow through share plus one warrant exercisable into one non flow through share at $0.15 per share for a period of 12 months and at $0.30 for an additional 12 months.
The share purchase warrants attached to the Units are subject to an acceleration clause, whereby the Company may, at its discretion call for the exercise of the warrants within 10 business days, if the closing price of the Company’s common shares on the TSX Venture Exchange is $0.40 or higher for 10 consecutive trading days, provided that the mandatory hold period has passed.
Shares issued pursuant to this private placement and shares that may be issued as a result of the exercise of any warrants attached to this private placement are subject to a mandatory hold period expiring March 24, 2011. No Finders’ fees were paid in respect of this tranche of the private placement.
The Company has also received exchange approval for the acquisition of the Arrowsmith property located on Vancouver Island. The vendors have been issued 800,000 shares from treasury in respect of this acquisition. These shares are subject to a mandatory hold period expiring March 30, 2011.
Additional information on New Shoshoni is available on Shoshoni’s website at http://www.newshoshoni.com .
NEW SHOSHONI VENTURES LTD.
Ralf Hillebrand President
For more information, please contact Mark Tommasi at 604-608-6314 or toll free at 1-877-454-0383.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.