Vancouver, B.C. (FSCwire) - Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to announce that it has received final TSX Venture Exchange approval on its Niobium Claim Group Property Exploration Earn-In Agreement with Commerce Resources Corp. (see news release dated January 11, 2018). The Company currently has a work program underway at the Niobium Claim Group Property delineating drill targets.
In addition, Saville has closed its previously-announced non-brokered private placement (the “Private Placement”) for gross proceeds of $568,881.00 CAD. The Company issued 8,620,020 units (“Units”) at a price of $0.05 per share for $431,001 CAD and 2,298,000 flow-through shares (“FT Shares”) at a price of $0.06 per share, for $137,880 CAD.
Each Unit consists of one common share and one share purchase warrant (“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 September 29, 2018.
Proceeds of the private placement will be used for the 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 $6,480. Securities issued pursuant to the Private Placement are subject to a four month hold period expiring January 29, 2019. Upon receipt of this news release, the TSX Venture Exchange will issue a final bulletin.
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.