Jun 18, 2009
Saturn Minerals Closes Financings
Vancouver -- Thursday, June 18, 2009 -- Saturn Minerals Inc. -- SMI: TSX.V ("Saturn" or the "Company"). Further to the non-brokered private placement previously announced in the Company's news release dated April 16, 2009, the Company has completed the sale of 2,330,000 flow-through units (the "FT Units") at a price of $0.11 per FT Unit, and has also completed the sale of a further 3,793,000 non flow-through units (the "Units") at a price of $0.10 per Unit, to raise gross proceeds of $635,600.
Each FT Unit consists of one flow-through common share and one-half of a non-transferable share purchase warrant (the "FT Warrants"). Each whole FT Warrant entitles the holder to purchase one non flow-through common share at an exercise price of $0.14 until June 4, 2010, or $0.17 per share thereafter until June 4, 2011. The flow-through shares will entitle the subscribers to certain income tax deductions attributable to flow-through shares under Canadian income tax legislation.
Each Unit consists of one common share of the Company and one non-transferable share purchase warrant (the "Warrants"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.12 per share until June 4, 2010, or $0.15 per share thereafter until June 4, 2011.
All of the securities issued in connection with the above financing will be subject to resale restrictions until October 5, 2009.
The Company intends to use the net proceeds from the offering to conduct further exploration work on its Canadian mineral exploration properties.
For more information, please contact:
Saturn Minerals Inc.
(604) 687-1327 (FAX)
SATURN MINERALS INC.
President & Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
You can view the Next News Releases item: Fri Jun 26, 2009, Saturn Minerals Extends Warrants
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