More financing...looking good!Saturn Minerals Inc. Arranges Financing With Loeb Aron & Company Ltd.
5/12/2008 - CFS
Vancouver, BC May 12, 2008
FSC / Press Release
Saturn Minerals Inc. Arranges Financing With Loeb Aron & Company Ltd.
Vancouver, British Columbia CANADA, May 12, 2008 /FSC/ - Saturn Minerals Inc. (TSX - VX: SMI), ("Saturn"), wishes to announce that Saturn has arranged a bought deal private placement financing with London-based Loeb Aron & Company Ltd. ("Loeb Aron & Co."). It has been agreed that the non-brokered private placement will consist of the issuance of 562,500 units at $0.32 per unit. Each of the units will consist of one common share and one-half of a non-transferable share purchase warrant ("warrant"). Each whole warrant will entitle the holder to purchase one additional common share of Saturn for a period of two years at a price of $0.35 per share. Saturn has agreed to pay a cash finder's fee to Loeb Aron & Co. of 5.75% of the proceeds raised and brokers warrants exercisable to purchase shares equal to 6.75% of the number of units subscribed for at an exercise price of $0.32 per share for a term of 24 months.
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 for working capital and general corporate purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
s/"Mike Elson"
President & Chief Executive Officer