Business
Saturn Announces Financing With Mineralfields Group
Saturn Announces Financing With Mineralfields Group
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Announces Financing With Mineralfields Group\n\n\n\nSaturn Announces Financing With Mineralfields Group\n\nVancouver, British Columbia CANADA, May 09, 2008 /FSC/ - Saturn Minerals Inc. (SMI - TSX Venture), (\"Saturn\" or the \"Company\") is pleased to announce that it has negotiated a private placement (the \"Financing\") with MineralFields Group to raise gross proceeds of up to $320,000. \n\nUnder the terms of the Financing, the Company will issue 687,500 flow-through units (the \"FT Units\") at a price of $0.32 per FT Unit, and up to 312,500 non flow-through units (the \"NFT Units\") at a price of $0.32 per Unit.\n \nEach FT Unit will consist 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 be transferable and will entitle the holder to purchase one additional non flow-through common share, exercisable at a price of $0.40 per share for a period of 24 months from the date of closing of the Financing. 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). \n\nEach NFT unit will consist 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 be transferrable and will entitle the holder to purchase one additional non flow-through common share, exercisable at a price of $0.35 per share for a period of 24 months from the date of the closing of the Financing.\n\nLimited Market Dealer Inc. will be paid a cash finder's fee of 6% of the funds raised, and issued a finder's fee option to acquire Units (the \"Compensation Units\") equal to 8% of the total number of FT Units sold, exercisable at $0.35 per Compensation Unit for a term of two years. \n\nAbout MineralFields, Pathway and First Canadian Securities (r)\n\t\nMineralFields Group (a division of Pathway Asset Management) is a Toronto- and Vancouver-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships t...