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Saturn Minerals Inc. Arranges Financing With Loeb Aron & Company Ltd.
Saturn Minerals Inc. Arranges Financing With Loeb Aron & Company Ltd.
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"\nSaturn Minerals Inc. Arranges Financing With Loeb Aron & Company Ltd.\n\n\n Jul. 6, 2009 (Filing Services Canada) -- Saturn Minerals Inc. (SMI - TSX Venture), (\"Saturn\"), wishes to announce that Saturn has arranged a brokered private placement financing with London-based Loeb Aron & Company Ltd. (\"Loeb Aron & Co.\"). The private placement will consist of the issuance of up to 1,913,182 units (collectively, the \"Units\") at $0.11 per Unit to raise up to $210,450 in gross proceeds. Each Unit will consist of one common share and one non-transferable share purchase warrant (collectively, the \"Warrants\"). Each Warrant will entitle the holder to purchase one additional common share of Saturn at a price of $0.15 per share for a period of two years from the closing date. Saturn will have the right give notice to the warrant holders to force an earlier conversion of the Warrants, if the shares close above $0.30 per share for at least 10 consecutive trading days. Saturn has agreed to pay a cash finder's fee to Loeb Aron & Co. of 7% of the proceeds raised and broker's warrants exercisable to purchase Units equal in number to 7% of the number of Units sold at an exercise price of $0.11 per Unit for a term of 2 years from the closing date.Loeb Aron & Co. is a London based firm specializing in mining finance authorized and regulated by the FSA and a Member of the London Stock Exchange and of Plus Markets.Completion of this financing is subject to the delivery of definitive subscription agreements and TSX Venture Exchange acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.Proceeds of this financing will be used primarily for exploration work on the Saskatoba Coal Project in Canada in collaboration with its exploration co-venturer, Swift Resources Inc., and general corporate purposes.SATURN MINERALS INC.s/\"Mike Elson\"President & Chief Executive OfficerFor more information, please contactSaturn Minerals Inc.Stan SzaryDirector(604) 685-6989(604) 687-1327 (FAX)www.SaturnMinerals.com THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.Source: Saturn Minerals Inc. (TSX-V SMI) http://www.saturnminerals.comMaximum News Dissemination by Filing Services Canada Inc. *ww...