VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 7, 2016) – Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) (“Saturn” or the “Company”) is pleased to announce a private placement of up to 10,000,000 units (the “Units”) at a price of $0.10 per Unit for gross proceeds of up to $1,000,000.
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 $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 $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 general working capital.
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.