VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sniper Resources Ltd. ("Sniper" or the "Company") (TSX VENTURE:SIP)(FRANKFURT:A1H38M) is pleased to announce that it has closed its previously announced non-brokered private placement of units. The Company issued 2,280,000 units at
.10 per unit to raise proceeds of $228,000. No finder's fees or commissions were paid in connection with the private placement. Each unit consisted of one common share and one warrant to purchase an additional common share at
.15 per share until July 20, 2013.
The proceeds of the private placement will be used for working capital purposes and for further drilling and exploration on the Weepah property.
Sniper now has 34,806,274 common shares issued and outstanding. The Company's directors and officers collectively hold approximately 25% of the issued and outstanding shares.
All securities issued or issuable under the private placement are subject to a hold period under applicable Canadian securities laws expiring on November 17, 2012, in addition to such other restrictions as may be applicable under securities laws outside Canada.