Oct 11, 2011 Saturn Minerals Inc. Announces Private Placement Vancouver, October 11, 2011 -- Saturn Minerals Inc. -- SMI: TSX.V ("Saturn" or the "Company") announces that it has completed a non-brokered private placement (the "Placement") consisting of 2,107,500 units (the "Units") at a price of $0.20 per Unit, for a gross aggregate dollar value of $421,500.
Each Unit consists of one common share (the "Shares") and one share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional common share, exercisable at a price of $0.25 per share for a period of 12 months from the date of issue. All securities issued will be subject to a four-month hold period.
The offering is subject to the approval of the TSX Venture Exchange (the "TSX"). In connection with the Placement the Company may also pay finder's fees in accordance with the policies of the TSX of $1,000.00.
Net proceeds from the private placement will be applied towards the development of the Company's exploration properties and provide the Company with additional working capital.
The Company further announces that it has cancelled the Private Placement as previously announced on September 2, 2011. About Saturn Minerals Inc.
Saturn Minerals Inc. (SMI: TSX.V) is a junior Canadian energy & resources company advancing a portfolio of energy and resource assets in Saskatchewan, Manitoba and British Columbia. The Company has made two bituminous coal discoveries at its Saskatoba Project since 2009, including one of the thickest coal seams encountered in Canada at 88 metres thickness. The Company continues to build strategic relationships throughout eastern Saskatchewan to pursue new opportunities and advance current projects in the Western Canadian Sedimentary Basin.
To learn more, please visit the Company's website at: www.saturnminerals.com.
SATURN MINERALS INC.
s/ "Stan Szary" President
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