VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec. 21, 2016) – Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) (“Saturn” or the “Company”) is pleased to announce an extension and increase of its previously announced Private Placement. Based on current acquisition, exploration and development opportunities management of the Company has decided to extend and increase the Private Placement from 10,000,000 Units (the “Units”) at a price of CAD $0.10 per Unit for gross proceeds of up to CAD $1,000,000 (one million dollars) to 40,000,000 Units for gross proceeds of up to CAD $4,000,000 (four million dollars), on the same terms and conditions previously announced.
Each Unit consists of one common Share (the “Shares”) and one-half of a Share purchase Warrant (the “Warrants”). Each whole Warrant will entitle the holder to purchase one additional common Share, exercisable at a price of CAD $0.15 per Share for a period of 18 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 expires, the closing price of Saturn’s common Shares on the TSX Venture Exchange (the “TSXV”) exceeds CAD $0.20 for any 20 consecutive trading days, in which event the holder will be given notice that the Warrants will expire 30 days following the date of such notice. The Warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the Warrants.
All securities issued will be subject to a four-month hold period. The offering is subject to the approval of the TSXV. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
Proceeds from the Private Placement will be used for acquisitions, exploration, development and general working capital. “Since we got on board of the Company in November this year, we are spending most of our time with the due diligence of oil assets and the economics of potential acquisition targets. “It is just a question completing due diligence until we will be in a position to announce a transaction,” stated John Jeffrey, CEO of the Company. “We have been evaluating a series of low risk opportunities with upside potential. The details are important for our expectations on potential acquisitions and their development. We are highly motivated and have a clear vision of where we want to get to in 2017 with our team and shareholders,” says Scott Newman, COO of the company.
The Company is also completing the process to change its name to “Saturn Oil + Gas Inc.” and is now waiting for the approval. The change in name reflects a change in direction for Saturn from a mineral-focused exploration company to one with a strong focus on the acquisition and development of oil and gas assets in Alberta and Saskatchewan.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company exclusive oil & gas rights in Saskatchewan and is advancing a number of oil exploration projects. Saturn has also made three shallow bituminous coal discoveries since 2009 with coal seams ranging in continuous vertical thickness from 9 to 89 meters. Saturn has a strategic ownership in Inowending Exploration & Development Corp., a First Nations owned exploration and development company co-founded by Saturn with a consortium of Saskatchewan First Nations active in Canada’s prairie provinces. Saturn’s mission is to be a leading industry player in the discovery and commercial production of oil & gas resources in the Northern Williston Basin.