TSX-V Symbol: SAE
VANCOUVER, BC, Jan. 9 /CNW Telbec/ - Mr. Mel Rahal, President of Sable Resources Ltd. is pleased to announce that the private placement announced on November 17, 2006 was completed raising a total of $1,089,000.
The financing consisted of a total of 1,402,500 units being issued, of which 1,072,500 were flow-through units priced at $0.80, and 330,000 were non-flow-through units priced at $0.70. Each unit consists of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant is convertible into one additional share until January 15, 2008 at a price of $0.85 for the flow-through units and at a price of $0.80 for the non flow-through units. Finder's fees of $81,520 and 131,500 warrants were paid to Bolder Investment Partners Ltd. and $4,000 and 6,250 Warrants were paid to Strand Securities Corporation. Finder's Warrants are exercisable at $0.80 per share until January 15, 2008. All securities distributed pursuant to this private placement are subject to a hold period expiring on April 30, 2007.
Flow-through proceeds of this financing will be used for eligible exploration expenses to be incurred in 2007 at the Company's mineral properties located in the Toodoggone region of British Columbia, Canada. The non flow-through proceeds together with the Company's existing working capital will be used for further development of the underground workings at the Shasta mine, and for general working capital.
ABOUT SABLE
Sable Resources is focused on the development and exploration of its Shasta and Chappelle Properties in the Toodoggone region of northern British Columbia. Sable owns a modern, fully-permitted 200-ton per day mill and supporting infrastructure.
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responsibility for the adequacy or accuracy of this release.