|Wed Aug 15, 2001|
|Sultan Minerals Inc. (SUL-cdnx) is pleased to announce that it has arranged a private placement with three placees including two institutional investors for the issue of up to 4,000,000 units at $0.15 for total proceeds of up to $600,000. Each unit will be comprised of one common share and one-half share purchase warrant. The exercise of each full warrant will give the warrant holder one common share. The warrants are exercisable in the first year at $0.25 and in the second year at $0.30. A commission of 9% of the gross proceeds is payable on 2,000,000 units and 10% on the remaining 2,000,000 units. |
The Company has also entered into an agency agreement with Octagon Capital Corporation ("Octagon") by which Octagon has agreed to use its best efforts to undertake a private placement of up to 4,117,647 flow-through shares at a price of $0.17 per share, to raise gross proceeds of up to $700,000
The proceeds will be used to fund exploration programs on the Kena Gold Property and the Emerald Tungsten Property in southeastern British Columbia and for working capital.
A.G. Troup, P.Eng
For further information please contact:
Investor Relations at the Lang Mining Group
Tel: (604) 687-4622 Fax: (604) 687-4212
Toll Free: 1-888-267-1400 Email: Investor@langmining.com
No regulatory authority has approved or disapproved the information contained in this news release.
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