RE:Santa Fe Still on Track..and gathering steam! Today's NR:
Mr. Scott Broughton reports
PRIVATE PLACEMENT FINANCING OF UP TO $1-MILLION
Santa Fe Metals Corp. is proceeding with a private placement financing of up to $1-million. The Private Placement will be comprised of up to 10,000,000 flow-through ("FT") and 10,000,000 non flow-through ("NFT") units at a price of $0.05 per unit. Each FT unit will be comprised of one flow-through common share and one-half of a share purchase warrant. Each NFT unit will be comprised of one common share and one share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one non-flow through common share of the Company at the price of $0.10 for a period of two years from the date of closing of the Private Placement.
The Company intends to use the proceeds from the flow-through common shares to incur Canadian exploration expenses, as defined in the Income Tax Act (Canada), to advance drilling and other exploration activities on the Company's Sully and Iron Range projects, and to use the remaining net proceeds of the Private Placement for general working capital purposes. Finders' fees consisting of cash and warrants may be payable on a portion of the Private Placement. Insiders of the company will participate in the financing.