Saturn Minerals Inc. Announces Private Placement Grants Stock Options
(firmenpresse) - Saturn Minerals Inc. Announces Private Placement Grants Stock Options
January 23, 2014, Vancouver – Saturn Minerals Inc. (TSX.V: SMI) (FSE: SMK) (“Saturn” or the “Company”) announces that it will undertake a non-brokered Private Placement (the "Placement") consisting of 5,000,000 non flow-through units (the "NFT Units") at a price of $0.12 per NFT Unit and 5,000,000 flow-through units (the "FT Units") at a price of $0.15 per FT Unit.
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 for a period of 24 months from the date of issue of the NFT Warrant.
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 $0.20 per share for a period of 24 months from the date of issue of the FT Warrant. 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 and FT Warrants (collectively, 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 "TSX") exceeds $0.30 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.
All securities issued will be subject to a four-month hold period. The offering is subject to the approval of the TSX. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. A finder's fee may be payable in accordance with the policies of the TSX. Proceeds from the flow-through portion of the Placement will be applied to Saturn’s exploration activities and the proceeds from the non flow-through portion of the Placement will be applied to general working capital.
The Company also announces that pursuant to the Company's Stock Option Plan it has granted 5,000,000 stock options at a price of $0.15 per common share to employees, directors, advisors and consultants of the Company. As per the Company's Stock Option Plan, the options granted are exercisable until January 22, 2019 and vest over a period of 18 months from the date of grant. Grant of the options is subject to the approval of the TSX.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX.V: SMI) (FSE: SMK) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company owns 370,000 acres of 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.
To learn more, please contact the Company at +1 (604) 685-6989 or visit: www.saturnminerals.com
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) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
Leseranfragen:
Saturn Minerals Inc.
410-890 West Pender Street
Vancouver, BC V6C 1J9
Kanada
Roger Fullerton
Corporate Communications
Tel.: +1 (952) 929-7243
E-Mail: roger(at)saturn-x.com
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