Nov 01, 2011 Saturn Minerals Closes Private Placement November 1, 2011, Vancouver -- Saturn Minerals Inc. (TSX.V: SMI) (FSE: SMK) ("Saturn" or the "Company") is pleased to announce that further to the Company's news release dated October 11, 2011, the Company received the approval of the TSX Venture Exchange dated October 14, 2011 and closed its previously announced 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 "Share") and one share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one additional common share, exercisable at a price of $0.25 per share until October 17, 2012. All securities issued are subject to a four-month hold period ending February 18, 2012.
In connection with the Placement the Company also paid finder's fees of $1,000.00 in accordance with the policies of the TSX Venture Exchange.
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. | |
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