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Capital pool company Seashore Resource Partners files for IPO

Capital pool company Seashore Resource Partners Corp. has filed for an IPO of 2.1 million to 4 million common shares at a price of 10 Canadian cents apiece.

Total gross proceeds from the offering are estimated to be between C$210,000 and C$400,000. After deducting the probable expenses and costs related to the offering, net proceeds are estimated to be between C$134,000 and C$308,800.

Net proceeds from the offering, together with the gross proceeds from a prior sale of common shares in the amount of C$155,000, will be used to provide the company with a minimum of funds with which to identify and evaluate businesses or assets with a view to completing a qualifying transaction.

The Vancouver, British Columbia-based company is offering the shares through Haywood Securities Inc., which agreed to act as agent on a commercially reasonable efforts basis. All funds received from subscriptions for the shares will be held by Haywood Securities.

Seashore Resource Partners' principal business is to identify and evaluate businesses to complete a qualifying transaction. It does not conduct commercial operations and has no assets other than a minimum amount of cash. It had raised C$155,000 through the issuance of 3.1 million common shares at a price of 5 cents per share before the prospectus was filed.

The company also does not have any of its securities listed or quoted and does not intend to apply to list or quote them on the Toronto Stock Exchange, a U.S. marketplace, or a marketplace outside Canada and the U.S., other than the Alternative Investment Market of the London Stock Exchange or the PLUS market operated by the PLUS Markets Group PLC.