Jun 25, 2010
Saturn Minerals Advises Swift Resources of Potential Dilution in Coal Joint Venture
Vancouver, June 25, 2010 -- Saturn Minerals Inc. -- SMI: TSX.V ("Saturn") has advised its Joint Venture partner, Swift Resources Inc. -- SWR: TSX.V ("Swift") that under the provisions of the Joint Venture Agreement (See Saturn & Swift News Release dated May 28, 2008) entered into between Saturn and Swift dated June 25, 2008 for the Saskatchewan and Manitoba Coal Project, Swift will have until August 15, 2010 to contribute additional funds to the Joint Venture to retain its initial 40% interest. To date Swift has contributed $262,500 towards total costs of $1,917,508. In the event that Swift does not contribute its proportionate share on or before August 15, 2010 then under the provisions of the Joint Venture Agreement Swift's participating interest would be automatically reduced to 16.73%.
Swift may, under the provisions of the Joint Venture Agreement, face further dilution in the event that Saturn expends additional funds on the project. The ultimate dilution to Swift, should its participating interest decline below 10%, would be a retained 5% net profit interest.
Swift also wishes to announce that, due to market conditions, the previously announced non-brokered Private Placement of up to 2,000,000 non flow through units at $0.15 per unit and up to 5,000,000 flow through units at $0.15 per unit has been withdrawn.
For more information, please contact:
Stan Szary, Director
Saturn Minerals Inc./Swift Resources Inc.
SATURN MINERALS INC.
SWIFT RESOURCES INC.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
You can view the Next News Releases item: Fri Oct 1, 2010, Saturn Minerals Appoints Stan Szary As President & Ceo
You can view the Previous News Releases item: Wed May 5, 2010, Saturn and Swift Report Coal Quality Results
You can return to the main News Releases page, or press the Back button on your browser.