Apr 02, 2012
Saturn Minerals Completes Private Placement
April 2, 2012, 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 March 30, 2012, the Company received the approval of the TSX Venture Exchange dated today and closed its previously announced non-brokered private placement (the "Placement") consisting of 501,000 units (the "Units") at a price of $0.24 per Unit for a gross aggregate dollar value of $120,240.
Each Unit consists of one common share (the "Share") and one share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share at a price of $0.35 per share until April.1, 2013. If at any time after a four-month hold period ending August 2, 2012, the closing price of Saturn's common shares on the TSX Venture Exchange is greater than $0.40 for any 10 consecutive trading days, the Company may deliver a notice to warrant holders that the Warrants will expire on thirty-first (31) day following the date of such notice and the Warrants may be exercised by the holder during this 31 day period.
In connection with the Placement the Company paid a finder's fee of $9,619.20 and issued 40,080 finder's compensation warrants. Each finder's compensation warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.35 until April 1, 2013.
All securities issued are subject to a four-month hold period ending August 2, 2012.
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.
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
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