Business
Saturn Closes Financing with Mineralfields Group
Saturn Closes Financing with Mineralfields Group
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Closes Financing with Mineralfields Group\n\n\n\nSaturn Closes Financing with Mineralfields Group\n\nVancouver, British Columbia CANADA, June 13, 2008 /FSC/ - Saturn Minerals Inc. (SMI - TSX Venture), (\"Saturn\" or the \"Company\") is pleased to announce that further to the Company's news release dated May 9, 2008, it has closed the non-brokered private placement (the \"Financing\") with the MineralFields Group. The private placement consisted of 687,500 flow-through units (the \"FT Units\") at a price of $0.32 per FT Unit, and 312,500 non flow-through units (the \"NFT Units\") at a price of $0.32 per unit. \n\nEach 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 is transferable and will entitle the holder to purchase one additional non flow-through common share, exercisable at a price of $0.40 per share until June 9, 2010. 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 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 is transferrable and will entitle the holder to purchase one additional non flow-through common share, exercisable at a price of $0.35 per share until June 9, 2010.\n\nAll securities issued pursuant to the Financing have hold period expiring October 10, 2008.\n\n\"We are pleased to be entering into this relationship with MineralFields Group,\" said Mike Elson, President and CEO. \"This is an important milestone in the growth of Saturn Minerals Inc. and we look forward to working with MineralFields Group as we develop our mineral property interests in Canada.\"\n\nAbout MineralFields, Pathway and First Canadian Securities (r)\n\nMineralFields Group (a division of Pathway Asset Management) is a Toronto-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 to investors throughout the world. &n...