| Saturn Minerals Inc. Receives Final Approval and Closes Second Tranche of Flow-Through Private Placement | |
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Saturn Minerals Inc. Receives Final Approval and Closes Second Tranche of Flow-Through Private Placement
is pleased to announce that further to the Company's news releases dated August 15, 2014, August 22, 2014 and September 10, 2014, the Company has received the final approval of the TSX Venture Exchange and closed the second and final tranche of its previously announced flow-through private placement of 250,000 flow-through units (the "FT Units") at a price of $0.20 per FT Unit for gross dollars of $50,000.00.
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 "NFT Warrants"). Each whole NFT Warrant will entitle the holder to purchase one additional non flow-through common share, exercisable at a price of $0.25 per share expiring on April 2, 2016. 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).
The NFT 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 $0.35 for any 20 consecutive trading days, in which event the holder will be given notice that the Warrants will expire 30 days following the date of such notice. The NFT Warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the Warrants.
All securities issued will be subject to a four-month hold period expiring on February 11, 2015.
Proceeds from the Private Placement will applied to further exploration of Saturn's Bannock Creek and Little Swan Oil & Gas properties in Saskatchewan.
On Behalf of the Board of Directors
SATURN MINERALS INC.
s/ "Stan Szary"
Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
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Saturn Minerals Inc.
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EXPLORATION STAGE |
CODE : SMI.V |
ISIN : CA80410K1012 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Saturn Min. is a gold and copper exploration company based in Canada. Saturn Min. holds various exploration projects in Canada. Its main exploration properties are GEM, BEAVIS, SASKATOBA and OVERFLOWING in Canada. Saturn Min. is listed in Canada. Its market capitalisation is CA$ 30.5 millions as of today (US$ 23.5 millions, € 20.3 millions). Its stock quote reached its highest recent level on June 26, 2008 at CA$ 0.81, and its lowest recent point on September 17, 2010 at CA$ 0.05. Saturn Min. has 145 210 000 shares outstanding. |