|Fri Dec 7, 2007|
Sultan Minerals Announces Private Placement Financing
|Sultan Minerals Inc. (SUL-TSX Venture) ("Sultan") is pleased to announce that, subject to regulatory approval, Sultan will carry out a non-brokered private placement of units (the "Units") at a price of $0.35 per Unit. Each Unit is comprised of one (1) flow-through common share in the capital of Sultan, and one non-transferable non-flow-through share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of Sultan for a period of 24 months from closing, at an exercise price of $0.50 per share. If Sultan's common shares trade on the TSX Venture Exchange at or above $0.60 per common share for 20 consecutive trading days, Sultan has the option to accelerate the expiration of the Warrant by providing notice in writing to the holder of the Warrants, whereby the Warrants will expire within 30 days from the date of such written notice.|
Sultan may pay a cash finder's fee equal to eight percent (8%) of the gross proceeds received by it from the sale of Units arranged by arm's length finders (the "Finders"), and may also grant to such Finders non-transferable warrants (the "Finder's Warrants") to purchase that number common shares of Sultan (the "Finder's Warrant Shares") as is equal to ten percent (10%) of the aggregate number of Units sold to eligible investors arranged by such Finder. Each Finder's Warrant issued in relation to the sale of Units is exercisable to acquire a Finder's Warrant Share, at a price of $0.50 per share for a period of 24 months from the closing date of the private placement. If Sultan's common shares trade at or above $0.60 per share for 20 consecutive trading days, Sultan has the option to accelerate the expiration of the Finder's Warrants by providing notice in writing to the Finders, whereby the Finder's Warrant will expire within 30 days from the date of such written notice.
All shares, warrants and any shares issued upon exercise of warrants with respect to the above private placements are subject to a hold period and may not be traded for four months plus one day from the date of closing. The gross proceeds from the sale of Units will be used for the exploration of the Sultan's projects in Canada.
For further information on Sultan's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information, please contact:
Marc Lee, Investor & Corporate Communications
Tel: (604) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400
Email: firstname.lastname@example.org or email@example.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. This release was prepared by Sultan management and no regulatory authority has approved or disapproved the information contained herein.
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