|Thu Dec 14, 2006|
Sultan Minerals Announces $1.5 Million Short Form Offering
|Sultan Minerals Inc. (SUL -- TSX Venture) ("Sultan" or the "Company") is pleased to announce that it has entered into an agreement with Northern Securities Inc. (the "Agent") under which the Agent will act as lead agent, on a best efforts basis, in connection with a TSX Venture Exchange Short Form Offering Document to qualify an offering of up to 9,375,000 Units (the "Offering") at $0.16 per Unit issued by the Company, for gross proceeds of up to $1,500,000. Each Unit will consist of one common share ("Common Share") and one non-transferable common share purchase warrant ("Warrant"). Each Warrant will be exercisable into one Common Share for a period of 24 months from the closing of the Offering (the "Closing") at an exercise price of $0.25 per share.|
At Closing the Agent will receive a commission equal to 8% of the aggregate gross proceeds of the Offering and a 2% lead broker fee together with Agent's Options to subscribe for that number of Agent's Units equal to 10% of the total number of Units sold in the Offering. Each Agent's Option is exercisable at $0.16 for 24 months from issue. The Agent's Units will have the same terms as the Units sold in the Offering.
Sultan will use the proceeds of the Offering to conduct additional exploration and for the preparation of a scoping study on its Jersey-Emerald tungsten-molybdenum project, and for general working capital.
The Offering is subject to certain conditions, including regulatory approval. A copy of the Short Form Offering Document will be filed under the Company's profile at www.sedar.com upon receipt of such approvals.
For further information on the Company's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
Marc Lee -- Email: email@example.com or firstname.lastname@example.org
No regulatory authority has approved or disapproved the information contained in this news release.
You can view the Next 2006 News Releases item: Fri Dec 22, 2006, Sultan Minerals Cuts Tungsten Mineralization In Four Holes At Jersey-Emerald Property With Assays Expected In January
You can view the Previous 2006 News Releases item: Wed Nov 15, 2006, SULTAN MINERALS COMMENCES DIAMOND DRILLING ON TUNGSTEN-MOLYBDENUM PROPERTY, BC
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