|Thu Dec 6, 2001|
Sultan Announces Private Placement
|Sultan Minerals Inc. (SUL-cdnx) is pleased to announce that it has arranged a brokered private placement with a single placee for the issue of 1,000,000 units at $0.28 per unit for total gross proceeds of $280,000. Each unit will be comprised 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 in Sultan for a period of 12 months from the date of closing of this private placement at a price of $0.32 per share. The proceeds will be used to fund exploration programs on the Kena Gold Property in southeastern British Columbia and for working capital.|
In consideration for introducing Sultan to the subscribers, Sultan will pay Canaccord Capital Corporation (the "Agent") a commission equal to 10% of the gross proceeds received by Sultan from the sale of units, 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 into one common share at $0.28 per share for a period of 12 months from the date of closing of this placement.
All shares, warrants, Agent's Warrants and any shares issued upon the exercise of the warrants or Agent's Warrants with respect to this private placement are subject to a four-month hold period from the date of Canadian Venture Exchange approval and may not be traded in British Columbia until the end of such hold period, except as permitted under the rules of the Securities Act (BC) and the Canadian Venture Exchange.
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 Options Five Claims Adjacent To The Kena Property
You can view the Previous 2001 News Releases item: Wed Dec 5, 2001, Short Form Offering
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