Labrador claims filed press release todaySantoy raises $400,000; Labrador claims deal filed
Santoy Resources Ltd (2) (TSX-V:SAN)
Shares Issued 41,984,244
Last Close 2/1/2005 $0.40
Tuesday February 01 2005 - News Release
Mr. Ronald Netolitzky reports
COMPLETION OF CDN$400,000 MILLION PRIVATE PLACEMENT
Santoy Resources Ltd. has received TSX Venture Exchange approval to its previously announced non-brokered flow-through private placement financing for $400,000 on Dec. 24, 2004. The placement consists of 1,212,120 units at a price of 33 cents per unit. Each unit consists of one flow-through common share and one-half of one non-flow-through warrant exercisable for one year from closing at a price of 45 cents per warrant provided that if for a period of 20 consecutive trading days, the closing price of the common shares of Santoy is above 60 cents, Santoy will have the right to accelerate the expiry day of the warrants by giving notice to the holder that the warrant will expire 30 days thereafter.
A due diligence fee in the amount of 10 cents of the gross proceeds of the placement will be paid to Augen Capital Corp. in the form of 121,212 common shares in the capital stock of the company at a deemed price of 33 cents per share.
In accordance with securities legislation currently in effect, the shares, the warrants and the warrant shares will be subject to hold period of four months plus one day expiring on June 1, 2005.
Acquisition of 621 mineral claims from Geotest Corp.
The TSX-V has accepted for expedited filing on Jan. 31, 2005, the purchase agreement dated Jan. 26, 2005, with Geotest, a Ontario corporation, pursuant to which the company may acquire a 100-per-cent interest in 621 mineral claims located in the central mineral belt of Labrador. Total consideration of the purchase will be a cash payment of $47,182, the issuance of 200,000 common shares in the capital stock of Santoy and a 2-per-cent net smelter return (NSR) royalty to Geotest. One-half of the NSR may be purchased from Geotest at any time by the cash payment of $500,000.
In accordance with securities legislation currently in effect, the shares, will be subject to hold period of four months plus one day expiring on June 1, 2005.
© 2005 Canjex Publishing Ltd.