Renaissance Oil Corp. RNSFF

Santoy proposes private placement for Sparton

[gunfighter]

Santoy proposes private placement for Sparton 2005-11-17 10:29 ET - News Release Also News Release (C-SRI) Sparton Resources Inc Mr. Ron Netolitzky of Santoy reports SANTOY PROPOSES TO UNDERTAKE PRIVATE PLACEMENT IN SPARTON RESOURCES Sparton Resources Inc. proposes to enter into a non-brokered private placement to raise $300,000 by the issuance of two million units of the company to Santoy Resources Ltd. at a price of 15 cents per unit. Each unit will consist of one common share and one share purchase warrant. Each share purchase warrant will allow Santoy to purchase a further common share for a two-year period from the closing of the private placement at a price of 25 cents per common share. The warrants will have an accelerator clause wherein the remaining exercise period may be reduced to 15 business days if Sparton's stock trades at or greater than 40 cents per share for 20 consecutive trading days. The shares will have a four-month hold period. No commissions or finder's fees are payable in respect of this transaction. The private placement will be undertaken by the company in order to satisfy an underlying obligation to provide a series of stock issuances to the vendor of the Blizzard uranium project. The Blizzard deposit, located in the Greenwood mining division of British Columbia, was acquired by a 50:50 joint venture comprised of Santoy and Sparton (see news in Stockwatch June 13, 2005). Subsequently, 100 per cent of the equity in the project was consolidated into Santoy and the joint venture terminated (see news in Stockwatch Aug. 9, 2005). Sparton will receive a royalty of 50 cents per pound of uranium (U3O8) produced from the property. The remainder is available to Stockwatch subscribers. If you would like to give the Stockwatch system a try, click here for a free 30 day trial subscription.