|Wed Dec 19, 2007|
Sultan Minerals Completes Private Placement Financing
|Sultan Minerals Inc. (SUL-TSX Venture) ("Sultan") is pleased to announce that it has completed its previously announced non-brokered private placement of 3,803,000 units (the "Units") at a price of $0.35 per Unit for gross proceeds of $1.33 million. 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 entitles the holder to purchase one additional non-flow-through common share of Sultan at an exercise price of $0.50 per share until December 18, 2009, However, 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 paid cash finder's fees totalling $89,404.00 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 also issued to such Finders non-transferable warrants (the "Finder's Warrants") to purchase up to 319,300 common shares of Sultan (the "Finder's Warrant Shares") 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 until December 18, 2009. However, 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 until April 19, 2008. The gross proceeds from the sale of Units will be used for the exploration of 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: email@example.com or firstname.lastname@example.org
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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