Vancouver, B.C. May 14, 2007 Sultan
Minerals Inc. (SUL-TSX Venture)
(Sultan) is pleased to announce that, it has completed the first
tranche of a previously announced non-brokered private placement for up to
16,000,000 units (the Units) at a price of $0.22 per Unit. An aggregate 11,477,5000 Units were issued
as part of the first tranche for gross proceeds of $2,525,050. Each issued 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 first 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 11, 2008.
Sultan paid a cash finder's fee
of $202,004 (equal to eight percent (8%) of the gross proceeds received) and
issued 918,200 non-transferable warrants (the "Finders Warrants")
(equal to eight percent (8%) of the aggregate number of Unit sales arranged
by an arms length finder). 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 11,
2008.
All shares, warrants and any
shares issued upon exercise of the warrants with respect to the close of the
first tranche of the private placements are subject to a hold period expiring
September 11, 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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