Saturn Oil & Gas Inc. Closes Initial Financing for $1.34 Million
- Jun 07 2018
SASKATOON, SASKATCHEWAN – June 7, 2018 - Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SMI) (FSE: SMK) is pleased to announce that, subject to the approval of the TSX venture Exchange, it has closed the first tranche of a non-brokered financing which, with the consent of Canaccord Genuity Corp., will form part of the $3,500,000 brokered offering (“the Offering”) announced on May 14, 2018. The Company issued 11,198,500 units (a "Unit") at a price of $0.12 per Unit for gross proceeds of $1,343,820.00. Each Unit consists of one common share (a "Common Share") of the Company and one Common Share purchase warrant (a "Warrant") exercisable into one Common Share of the Company at a price of $0.18 per Warrant for a period of 24 months from the closing date. The securities issued in connection with the private placement will be subject to a four-month hold period under applicable securities laws.
Saturn intends to use the proceeds from the Offering for the development drilling of its Viking light oil and Success heavy oil assets near Kindersley, Saskatchewan. The operations area and details can be found on the Company’s website www.saturnoil.com.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. (TSX.V: SMI) (FSE: SMK) is a public energy Company focused on the acquisition and development of undervalued, low risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.
To learn more, please contact the Company at 1 (306) 955-9946 or visit: www.saturnoil.com
On Behalf of the Board of DirectorsSATURN OIL & GAS INC.
John Jeffrey, MBA – CEO & Chairman
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. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
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