|Fri Aug 15, 2003|
Sultan Minerals Closes $250,000 Private Placement Financing
|Sultan Minerals Inc. ("SUL"-TSX Venture) is pleased to announce the closing of a non-brokered private placement of 1,250,000 flow-through units at $0.20 per unit for total proceeds of $250,000. Each unit is 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 until February 11, 2005. |
Canaccord Capital Corporation received a finder's fee consisting of a cash payment equal to 8% of the gross proceeds derived from the private placement, and a 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 until February 11, 2005.
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 four-month hold period expiring December 12, 2003, and may not be traded except as permitted by the British Columbia Securities Act, the Securities Rules made thereunder, and the TSX Venture Exchange.
Shannon M. Ross, CA
Secretary & CFO
For further information please contact:
Investor Relations at LMC Management Services Ltd.
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
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