Vancouver, British Columbia (FSCwire) - Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the “Private Placement”) of 2,387,000 flow-through units (“FT units”) of the Company at a price of $0.10 per unit for gross proceeds of $238,700. Certain insiders of the Company participated in the financing.
Each FT Unit 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 $0.15 per share for a period of 24 months from January 15, 2018.
Proceeds of the private placement will be used for advancement of the Company’s exploration projects and for general corporate purposes.
In connection with the completion of the Private Placement, the Company has paid a finder’s fee in the amount of C$1,435. Securities issued pursuant to the Private Placement are subject to a four month hold period expiring May 16, 2018.
Property Agreement Amendment
The Company has received regulatory approval for an amending agreement dated Dec 29, 2017 with John A. Kemp in relation to the Bud Property. The final option payment of $75,000 and 100,000 shares will now be satisfied by the payment of $30,000 and the issuance of 250,000 shares. The securities issued pursuant to the agreement are subject to a four month hold period expiring May 18, 2018.
On Behalf of the Board of Directors
SAVILLE RESOURCES INC.
Neither 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.