|Wed Jun 30, 2004|
Sultan Minerals Closes Brokered Private Placement Financing
|Sultan Minerals Inc. (SUL-TSX Venture) ("Sultan") is pleased to announce that it has closed its brokered private placement financing previously announced May 28, 2004, as amended June 15, 2004, of 2,400,000 units (the "Units") at a price of $0.15 per Unit for gross proceeds of $360,000. Each Unit is comprised of one common share in the capital of Sultan and one non-transferable share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share of Sultan at an exercise price of $0.20 per share, expiring June 25, 2005.|
In consideration for arranging the private placement, Canaccord Capital Corporation received an administration fee of $3,000, a cash finder's fee equal to 7.85% of the gross proceeds raised, non-transferable agent's finder's fee warrants, having the same terms as described above, equal to 20% of the total number of Unit sold, and 3,500 agent's finder's fee units, having the same terms as the Units described above.
All shares, warrants and any shares issued upon exercise of the warrants with respect to the private placement and agent's compensation are subject to a hold period and may not be traded for a four months period ending October 26, 2004.
Proceeds from the private placement will be used to fund exploration programs on the Company's Coripampa 1 and 2 silver and gold properties situated in Peru, the Kena gold property in British Columbia and for general working capital.
Arthur G. Troup, P. Eng., Geol.
President & CEO
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: firstname.lastname@example.org
No regulatory authority has approved or disapproved the information contained in this news release
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