Take physic, pomp

In a perverse way I admire them

The sheer brass neck of these people goes way past the ingrained, inner cynic and gets me close to applause. It’s certainly funny. What’s going on at Seafield Resources (SFF.v) isn’t some opportunistic move to take advantage of a sudden shift in market appeal; it’s a well-planned, well executed orchestra of several moving parts involving, thought, strategy, main players and side-acts. It’s all legal too, but it’s also one helluva scam. Here’s today’s NR below and your humble scribe has taken the time to mark in blue those members of the deal who will not be holding any sort of bag when the music stops. Meanwhile those marked in red should remember an age-old phrase; caveat emptor. By way of disclosure, no position in SFF.v and wild horses couldn’t change that.

TORONTO, ONTARIO–(Marketwire – Dec. 9, 2010) Seafield Resources Ltd. (the “Company”) (TSX VENTURE:SFF – News) is pleased to announce that it intends to complete a private placement offering of up to 16,000,000 units (“Units) at a price of $0.50 per Unit, for gross proceeds of up $8,000,000 (the “Offering”). Each Unit will consist of one common share (a “Common Share”) of the Company and one common share purchase warrant (a “Warrant”) with each Warrant entitling the holder thereof to purchase a Common Share at an exercise price of $0.75 for a period of two years following the closing of the Offering.

In addition, the Company intends to pay finder’s fees to parties that refer subscribers to the Company equal to 6% of the proceeds of the Offering and will also issue broker warrants equal to 6% of the number of Units issued pursuant to the Offering. Each broker warrant will entitle the holder to acquire a Unit for a period of two years from the date of issuance exercisable at a price of $0.50 per Unit.

Proceeds of the Offering will be used to advance the Company‘s Quinchia, gold property in Colombia and for general working capital purposes.

PS: In the blog we’ll just leave it at the rant, but the numbercrunching to illustrate just why the promo is getting people to overpay for SFF will happen in this weekend’s edition of The IKN Weekly, the place where the level-headed stuff goes on.

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