Dec 19, 2008
Saturn Minerals Inc. Arranges Financing With Loeb Aron & Company Ltd.
Vancouver -- Friday, December 19, 2008 -- Saturn Minerals Inc. -- SMI: TSX.V ("Saturn"), has arranged a private placement financing with London-based Loeb Aron & Company Ltd. ("Loeb Aron & Co."). It has been agreed that the private placement will consist of the issuance of 1,000,000 units at $0.05 per unit. Each of the units will consist of one common share and one non-transferable share purchase warrant ("warrant"). Each warrant will entitle the holder to purchase one additional common share of Saturn for a period of two years at a price of $0.10 per share. Saturn has agreed to pay a cash finder's fee to Loeb Aron & Co. of 6.50% of the proceeds raised and brokers warrants exercisable to purchase shares equal to 6.50% of the number of units subscribed for at an exercise price of $0.05 per share for a term of 24 months.
Loeb Aron & Co. is a London based firm specializing in mining finance authorized and regulated by the FSA and a Member of the London Stock Exchange and of Plus Markets.
Completion of this financing is subject to the delivery of definitive subscription agreements and TSX Venture Exchange acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.
Proceeds of this financing will be used for working capital and general corporate purposes.
For more information, please contact
Saturn Minerals Inc. -- Stan Szary
(604) 687-1327 (FAX)
ON BEHALF OF THE BOARD OF DIRECTORS
President & Chief Executive Officer
You can view the Next News Releases item: Mon Dec 22, 2008, Saturn Minerals And Swift Resources Receive Coal Prospecting Permits, Arrange Financings
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