|
Saturn Minerals Inc. (TSX VENTURE:SMI - News;
"Saturn" or the "Company") is pleased to announce that
further to the Company's news release dated November 5, 2010 and amended
November 19, 2010, the Company has closed its non-brokered Private Placement
(the "Placement"). The Placement consisted of 2,100,000
flow-through units (the "FT Units") at a price of $0.10 per FT Unit,
and 2,807,500 non flow-through units (the "NFT Units") at a price
of $0.08 per NFT Unit. The Company originally announced an offering of up to
2,312,500 NFT Units, however, due to strong demand, increased the Placement
by offering an additional 495,000 NFT Units.
Each FT Unit consists of one
flow-through common share (the "FT Shares") and one-half of a non
flow-through share purchase warrant (the "FT Warrants"). Each whole
FT Warrant will entitle the holder to purchase one additional non
flow-through common share, exercisable at a price of $0.15 per share until
June 2. 2012. The FT Shares will entitle the holder to receive the tax
benefits applicable to flow-through shares, in
accordance with provisions of the Income Tax Act (Canada). Each NFT Unit
consists of one non flow-through common share (the "NFT Shares")
and one-half of a non flow-through share purchase warrant
(the "NFT Warrants"). Each whole NFT Warrant will entitle the
holder to purchase one additional non flow-through common share, exercisable
at a price of $0.15 per share until June 2. 2012. All securities issued
pursuant to the Placement have a hold period expiring April 3, 2011.
All the warrants are subject to an
accelerated expiry if, at any time after April 3, 2011 the closing price of
Saturn's common shares on the TSX Venture Exchange (the "Exchange")
exceeds $0.30 per share for any 10 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.
The Company has agreed to pay Finder's
Fees totaling $15,616.00 in relation to the Placement.
The Company also wishes to announce that
it has entered into an agreement (the "Agreement) with Mr. Roger
Fullerton of Edina, Minnesota to provide corporate business development and
investor relations services for Saturn. The Agreement is for an initial 12
month period and will be renewed automatically on an annual basis for further
terms of one year, unless earlier terminated by the Company upon written
notice at least 30 days prior to the end of the initial term. Mr. Fullerton
will be paid $5,000 per month and will be granted incentive stock options to
acquire up to 250,000 common shares of the Company at an exercise price of
$0.17 per share for a period of two years, in accordance with the policies of
the Exchange and the terms and conditions of the Company's Stock Option Plan.
After a trial period of three months and subject to the approval of the
Company's Board of Directors, the Company may grant Mr. Fullerton a further
incentive stock option for an additional 250,000 common shares for a further
two years at an exercise price in accordance with the policies of the Exchange
and the terms of the Company's Stock Option Plan. The Agreement and grant of
stock options is subject to approval by the Exchange.
Mr. Fullerton is a graduate of the
University of Maryland, Smith School of Business, and has been employed by
Merrill Lynch, Dain Rauscher Corp. for twenty years as a retail stock broker
with concentration towards the Canadian Junior Resource Sector. Since 1999 he
has been retained as an Investor Relations Professional by several publicly
traded resource companies.
SATURN MINERALS INC.
Stan Szary,
President
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.
Contact:
Stan Szary
Saturn Minerals Inc.
President
604.685.6989
604.685.6961 (FAX)
info@saturnminerals.com
www.saturnminerals.com |
|