IRW-Press: Saturn Minerals Closes Private Placement Of $1.3M With Global Resource Investment Trust



Published on 11 March 2014


by Press Office

(IRW-PRESS and WireNews+Co)

Vienna, Austria


Saturn Minerals Inc. (TSX.V: SMI) (FSE: SMK) (“Saturn” or the “Company”) is pleased to announce that further to the Company’s news release of February 17, 2014, the Company announces that it has closed its securities exchange with Global Resources Investment Trust plc (“GRIT”).

The Company issued 10,000,000 units at $0.13 per unit to GRIT, in exchange for 704,301 ordinary shares of GRIT (the “GRIT Shares”), at the deemed price of £1.00 per GRIT Share. Each unit consists of one common share and one-half common share purchase warrant exercisable at $0.17 per share for two years. The securities issued to GRIT are subject to resale restrictions expiring July 8, 2014.

The Company will now seek to sell the GRIT Shares through the facilities of the London Stock Exchange. During the first six months, all sales of GRIT Shares will be arranged by GRIT. While the Company will seek to maximize the proceeds it receives from the sale of its GRIT Shares, there is no assurance as to the timing of disposition or the amount that will be realized. Funds realized from the sale of the GRIT Shares will be used by the Company to advance its oil & gas projects in Saskatchewan and for working capital.

The GRIT Shares were distributed pursuant to a prospectus published by GRIT in the UK on February 28, 2014. GRIT’s application to list its ordinary shares on the premium listing segment of the Official List and to trade on the London Stock Exchange’s main market became effective March 7, 2014. GRIT’s distribution of the GRIT Shares to the Company and other Canadian based issuers was also made pursuant to a discretionary exemption order granted by the Ontario and British Columbia Securities Commissions by order dated November 13, 2013.

GRIT has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIT has conducted share exchange transactions with 41 junior resource companies (32 headquartered in Canada), acquiring an initial portfolio of their securities in exchange for 39,520,012 ordinary shares having a deemed value of £39,520,012 (approximately C$73,250,000

The Company will be paying a finder’s fee of 800,000 units to Jordan Capital Markets Inc. for introducing the Company and assisting in negotiating the transaction with GRIT. Each finder’s unit consists of one common share and one-half common share purchase warrant, each full common share purchase warrant will be exercisable at $0.17 per share for 2 years.

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.


Contacts

  •  
  • Joachim Brunner
  • IRW-Press
  • PR Contact
  • Tel: +43724221193011
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Posted 2014-03-11 10:19:00