Vancouver, B.C. May 29, 2007 Sultan
Minerals Inc. (SUL-TSX Venture)
(Sultan) is pleased to announce that, further to its news release of May
14, 2007, it has completed the second and final tranche of its previously
announced non-brokered private placement.
An aggregate 5,046,364 Units (the Units) at a price of $0.22 per
Unit were issued as part of the second tranche for gross proceeds of
$1,110,200 bringing the financing to a total of 16,523,864 Units issued for
total gross proceeds of $3,635,250.
Each Unit is comprised of one (1) common share in the capital of
Sultan, and one-half of one non-transferable share purchase warrant. Each whole share purchase warrant issued
as part of this second tranche will entitle the holder to purchase one
additional common share of Sultan, at a price of $0.30 per share for a period
of 18 months, expiring November 29, 2008.
In the second tranche Sultan paid
cash finder's fees of $69,696 (eight percent (8%) of the gross proceeds
received from the sale of Units by arms length finders) and issued 316,800
non-transferable warrants (the "Finders Warrants") (eight percent
(8%) of the aggregate number of Unit sales arranged by arms length
finders). Each Finder's Warrant is
exercisable to acquire a Finders Warrant Share, at a price of $0.30 per
share for a period of 18 months, expiring November 29, 2008.
All shares, warrants and any
shares issued upon exercise of the warrants with respect to the completion of
the second tranche of the private placements are subject to a hold period
expiring September 29, 2007.
Proceeds from the non-brokered private placement
will be used to fund Sultans work programs in Canada
and for general working capital.
For further information on Sultans projects,
visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
President
and CEO
For further information, please contact:
Marc Lee, Investor &
Corporate Communications
Tel: (604) 687-4622 Fax: (604) 687-4212
Toll Free: 1-888-267-1400
Email: mlee@sultanminerals.com or info@sultanminerals.com
or
Linda Armstrong, Vice
President
CHF Investor Relations
Phone: (416) 868-1079, Ext. 229
Email: Linda@chfir.com
Should you wish to receive Company news via email, please email catarina@chfir.com and specify Sultan
Minerals News in the subject line or contact the Company directly.
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the adequacy or
accuracy of the contents of this News Release. This release has been prepared by management and no regulatory
authority has approved or disapproved the information contained herein.
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