Feb 06, 2012
Saturn Minerals Inc. Announces Private Placement
February 6, 2012, Vancouver -- Saturn Minerals Inc. (TSX.V: SMI) (FSE: SMK) ("Saturn" or the "Company")announces it will undertake a non-brokered Private Placement (the "Placement") consisting of 3,000,000 units (the "Units") at a price of $0.22 per Unit for a gross dollar value of $660,000.
Each Unit will consist of one common share (the "Share") and one share purchase warrant (the "Warrant"). Each full Warrant will entitle the holder to purchase one additional Share at $0.30 per share for a period of 12 months from the date of issue of the Warrant. The Warrants are subject to an accelerated expiry if at any time after an initial 4-month hold period, the closing price of Saturn's common shares on the TSX Venture Exchange exceed $0.40 for any 10 consecutive trading days, in which event the warrant holder will be given notice that the warrants will expire 31 days following the date of such notice. The Warrants may be exercised by the holder during this 31 day period.
All securities issued will be subject to a 4-month hold period. The offering is subject to the approval of the TSX Venture Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to buy securities. A finder's fee may be payable 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.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX.V: SMI) (FSE: SMK) 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 89 metres thickness. The Company also has strategic ownership in Inowending Exploration & Development Corp., a First Nations owned exploration & development company active in Canada's prairie provinces.
To learn more, please contact the Company at (604) 685-6989 or visit: www.saturnminerals.com
On Behalf of the Board of Directors
SATURN MINERALS INC.
s/ "Stan Szary"
Chief Executive Officer
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: Wed Feb 29, 2012, Saturn Minerals Completes Private Placement Oversubscribed
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