Santoy Closes First Tranche of Private Placement Financing

Santoy Resources Ltd. (TSX VENTURE:SAN) is pleased to announce completion of the
first tranche of its previously announced non-brokered private placement
financing announced May 14, 2009. Each Unit will comprise one common share at a
price of 10 cents per share, and one-half of one share purchase warrant. Each
whole warrant is exercisable at 12 cents per share for a five-year period. The
warrants will have an acceleration clause whereby if the Company's shares trade
at or greater than 40 cents for 10 consecutive days, the remaining exercise
period may be reduced, at the election of the Company and upon notice to the
warrant holders, to 25 days. A total of 19,926,200 common shares and 9,963,100
warrants were issued under this placement, for a gross consideration of
$1,992,620, and will be free trading as a consequence of an Exchange exemption
due to the prospective level disclosure in the Company's Information Circular
dated April 24, 2009 setting out the Plan of Arrangement with Virginia Uranium
Ltd. Finder's fee and commissions will be payable to qualified third party
agents.


The second and final tranche, of a further firm $2 million plus, is scheduled to
be completed next week. Shares issued under this portion will be subject to a
hold period of 4 months and 1 day as they will have been approved post plan of
Arrangement closing.


A portion of this proposed financing will be applied to increasing the Company's
equity position in VA Uranium Holdings Inc., which initial transaction was
announced in a Company new release dated Dec. 22, 2008 wherein Santoy and a
private corporation, Virginia Uranium Ltd. have agreed to a business combination
by way of a Plan of Arrangement, now scheduled to close July 21, 2009. Virginia
Uranium Ltd. owns an interest in the Coles Hill uranium deposit located in
southern Virginia. Coles Hill, considered to be one of the largest undeveloped
uranium deposits in the United States, had been advanced through to the
feasibility stage in 1982 and has now been investigated by 220 drill holes. It
has an estimated measured and indicated resource of 119 million pounds of U3O8
(at a cut-off grade of 0.025 per cent U3O8) based on a National Instrument
43-101 technical report on the Coles Hill property prepared for Santoy Resources
by Behre Dolbear and Company Ltd., Marshall Miller and Associates Inc., and PAC
Geological Consultant Inc. (Dr. Peter Christopher, P.Eng.) dated Feb. 2, 2009,
and revised April 29, 2009. This report is available on SEDAR and on Santoy
Resources' website.


On Behalf of the Board of Directors 

SANTOY RESOURCES LTD.

R. K. Netolitzky, President & CEO

(TSXV:SAN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024