|Fri Oct 12, 2001|
Sultan Minerals Inc. Closes $669,550 Brokered Private Placement
|Arthur G. Troup, President of Sultan Minerals Inc. (SUL-cdnx) is pleased to announce the closing of a brokered private placement of 3,515,000 flow-through common shares at $0.17 per share and 600,000 units at a price of $0.17 per unit to raise gross proceeds of $699,550. Each unit consists of one common share and one-half of a non-transferable share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share for a period of two years at a price of $0.25 per share in the first year and $0.30 per share in the second year. |
In consideration of introducing the Company to the subscribers, the Company paid the Agent, Octagon Capital Corporation ("Octagon"), a cash commission of $66,640 and issued Octagon a warrant exercisable to purchase up to 392,000 common shares of the Company for a one year period at a price of $0.17 per share.
All shares, warrants and any shares issued upon exercise of the warrants with respect to the private placement and the Agent's compensation are subject to a hold period and may not be traded in British Columbia until February 10, 2002, except as permitted by the Securities Act and the Rules made thereunder and the Canadian Venture Exchange.
The net proceeds from this placement 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.
Arthur 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.
You can view the Next 2001 News Releases item: Mon Oct 15, 2001, Sultan Minerals Intersects 172.1 Grams/Tonne Gold In First Hole Of Expanded Drill Program - Kena Property, BC
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