|Wed Dec 5, 2001|
Short Form Offering
|Sultan Minerals Inc. (SUL-cdnx) ("Sultan") is pleased to announce that it has entered into an agreement dated December 5, 2001 (the "Agency Agreement") with Octagon Capital Corporation (the "Agent") under which the Agent will offer up to a total of 2,678,572 Flow-Through shares (the "Offering") through the facilities of the Canadian Venture Exchange (the "Exchange") for maximum aggregate proceeds of $750,000.|
The Agent will receive a commission equal to 10% of the gross proceeds received by Sultan from the sale of shares, payable in cash. The Agent will also receive a non-transferable compensation option ("Agent's Warrants") in the amount of 15% of the Units sold. Each of the Agent's Warrants is exercisable for one common share in the capital of Sultan at a price of $0.28, for a period lasting 12 months from the date of closing of the Offering.
Sultan will reimburse the Agent for applicable legal and administrative expenses incurred in connection with this Offering.
The proceeds to be received by Sultan from the Offering will be used by Sultan to conduct additional exploration principally on its Kena Project. Some funds will also be allocated to evaluation of its Jersey-Emerald Tungsten and Lead/Zinc project.
The Offering is being distributed pursuant to Exchange Policy 4.6, Alberta Securities Commission Blanket Order 45-503 and British Columbia Securities Commission Instrument 45-509, which provide an exemption from the prospectus requirement and permits issuers to make a public offering of free trading securities under specified conditions.
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: Thu Dec 6, 2001, Sultan Announces Private Placement
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