Saturn Minerals Announces Amended Private Placement with Global Resources Investments Ltd.admin
January 17, 2014, Vancouver – Saturn Minerals Inc. (TSX.V: SMI) (FSE: SMK) ("Saturn" or the "Company") announces it has settled on terms to amend the Private Placement with Global Resources Investments Ltd. ("GRIL") (see news release dated November 6, 2013). Under the initial agreement Saturn was seeking to raise $1,000,000 through the sale of 10,000,000 units at $0.10 per unit. Each unit consisting of one common share and one-half common share purchase warrant, each full common share purchase warrant will be exercisable at $0.15 per share for 2 years. Under the amended agreement Saturn is seeking to raise $1,200,000 through the sale of 10,000,000 units at $0.12 per unit. Each unit consisting of one common share and one-half common share purchase warrant, each full common share purchase warrant will be exercisable at $0.15 per share for two years.
GRIL has been established to exploit investment opportunities in the junior mining and natural resource sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc ("GRIT") and seek admission of its ordinary shares on the main market for listed securities on the London Stock Exchange.
In consideration for acquiring the Saturn units, GRIT will issue and deliver to Saturn 670,878 ordinary shares of GRIT at ?1.00 per share (the "GRIT Shares"). Saturn will then sell the GRIT Shares through the facilities of the London Stock Exchange to realize the private placement proceeds.
Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the London Stock Exchange.
A finder’s fee in the form of common shares will be payable to Jordan Capital Markets Inc. for introducing the Company and assisting in negotiating the transaction with GRIT.
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 has interests in over 370,000 acres of 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
Certain statements set out in this News Release constitute forward-looking statements. Forward-looking statements (i) are often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate", or "will", and similar expressions; (ii) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties, or upon the opinions, expectations and estimates of management of the Company as at the date the statements are made; (iii) are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. In particular there is no assurance that (i) the Company will be able to close the proposed share swap with GRIT on the terms outlined above, or at all; (ii) that the Company will realize at least ?1.00 per GRIT share upon the sale thereof; and (iii) the Company will realize proceeds from the sale of the GRIT shares in a timely manner. Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to be correct. The forward-looking statements of the Company contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.
Posted: January 17th, 2014 under ACCESSWIRE.