Steele Resources Corporation (OTCPK:SELR) announced a private placement of 30,000,000 units at $0.10 per unit for gross proceeds of $3,000,000 on March 9, 2012. The company will issue the securities pursuant to Regulation D in the transaction. An investor will invest a minimum of $75,000. Each unit consists of one common share of the company and one warrant. Each warrant entitles the holder to purchase an additional common share of the company at $0.20 per share for a period of three years. Ocean Cross Capital Markets LLC will serve as placement agent to the company. The company will pay sales commissions of $180,000 plus warrants equal to 6% of shares sold to the agent.