Vancouver, British Columbia (FSCwire) - Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the "Company") is pleased to announce that it has arranged a non-brokered private placement. The arrangement is for up to 10,000,000 units (“Units”) of the Company at a price of $0.05 per Unit for gross proceeds of up to $500,000. Concurrently the Company will also be offering up to 25,000,000 flow-through shares (“FT Share”) at a price of $0.06 per FT Unit for gross proceeds of up to $1,500,000.
The Units will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for a period of 24 months from closing. The flow through will be one common share and no warrant.
Proceeds of the private placement will be used for advancement of the Company’s exploration projects and for general corporate purposes. The Company may pay finder’s fees in connection with the issuance of the Units under the financing. Closing of the financing is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the financing will be subject to a four-month hold period from the date of closing in accordance with applicable securities legislation.
ON BEHALF OF THE BOARD
SAVILLE RESOURCES LTD.
Mike Hodge, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.