|Wed Jul 23, 2003|
Sultan Minerals Announces Private Placement Financing
|Sultan Minerals Inc. (SUL-TSX Venture) is pleased to announce that it has arranged a non-brokered private placement with several placees for the issue of up to 1,250,000 flow-through units at $0.20 per unit for total proceeds of up to $250,000. Each unit will be comprised of one flow-through common share and one-half of one share purchase warrant. Each whole warrant is exercisable to acquire one additional common share of Sultan at an exercise price of $0.24 for a period of 18 months from the date of closing of the private placement. Canaccord Capital Corporation will receive a finder's fee consisting of a cash payment equal to 8% of the gross proceeds derived from the private placement, and that number of non-transferable compensation warrants equal to 10% of the total number of units sold. Each non-transferable compensation warrant is exercisable to acquire one additional common share of Sultan at an exercise price of $0.24 for a period of 18 months from the date of closing of the private placement.|
Proceeds from the private placement will be used to fund exploration programs in British Columbia and Manitoba.
All shares, warrants and any shares issued upon exercise of the warrants with respect to the private placement and the finder's fee are subject to a hold period and may not be traded for four months from closing of the private placement, except as permitted by the British Columbia Securities Act, the Securities Rules made thereunder, and the TSX 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 News Release Archive item: Mon Aug 11, 2003, Sultan Minerals Identifies Structural Controls To Gold Mineralization On Kena Gold Project
You can view the Previous News Release Archive item: Thu Jul 3, 2003, Sultan Renegotiates Option Of 30 Claims Adjacent To The Kena Property
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