VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 30, 2011) - Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) ("Saturn" or the "Company") is pleased to announce that further to the Company's news release dated December 16, 2011, the Company received the approval of the TSX Venture Exchange dated December 29, 2011 and closed its previously announced non-brokered private placement (the "Placement") consisting of 2,500,000 flow-through units (the "FT Units") at a price of $0.20 per FT Unit for a gross aggregate dollar value of $500,000.
Each FT Unit consists of one flow-through common share (the "FT Share") and one-half non flow-through share purchase warrant (the "Warrant"). Each full Warrant entitles the holder thereof to purchase one non flow-through common share at a price of $0.25 per share until December 29, 2012. If at any time after a four-month hold period ending April 30, 2012, the closing price of Saturn's common shares on the TSX Venture Exchange is greater than $0.35 for any 10 consecutive trading days, the Company may deliver a notice to warrant holders that the Warrants will expire on the thirty-first (31) day following the date of such notice and the Warrants may be exercised by the holder during this 31 day period.
In connection with the Placement the Company paid a finder's fee of $9,800 and issued 49,000 finder's compensation warrants. Each finder's compensation warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.25 until December 29, 2012.
All securities issued are subject to a four-month hold period ending April 30, 2012.
Proceeds from the Placement will be applied to Saturn's coal exploration drilling on the Company's Manitoba coal properties and the drilling of two shallow exploration wells on the Company's Saskatchewan oil & gas properties.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is a junior Canadian energy & resources company advancing a portfolio of energy and resource assets in Saskatchewan, Manitoba and British Columbia. The Company has made two bituminous coal discoveries at its Saskatoba Project since 2009, including one of the thickest coal seams encountered in Canada at 89 metres thickness. The Company also has strategic ownership in Inowending Exploration & Development Corp., a First Nations owned exploration & development company active in Canada's prairie provinces.
To learn more, visit: www.saturnminerals.com.
On Behalf of the Board of Directors of SATURN MINERALS INC.
Stan Szary, Chief Executive OfficerNEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE