Santoy Resources Ltd.
TSX VENTURE : SAN

Santoy Resources Ltd.

December 17, 2007 17:19 ET

Santoy Oversubscribes Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2007) - Santoy Resources Ltd. (TSX VENTURE:SAN) is pleased to announce that due to strong demand, the Company has agreed to an oversubscription of the proposed non-brokered private placement announced November 30th, 2007. Subject to regulatory approval, a total of 8,522,069 flow-through shares will be issued at a price of $0.65 per share for gross proceeds of $ 5,539,345.

A cash seven percent finders' fee will be paid to accredited agents on that portion of the funds raised by third parties. The shares issued under this financing are subject to a hold period of 4 months and one day from the closing date of the offering.

Certain directors and officers have subscribed for $141,000 in the private placement, on the terms set forth above, and such participation has been approved by the independent directors of the Company. The Company is relying on an exemption from the related party requirements of OSC Rule 61-501. The MineralFields Group has subscribed for $1 million and MTAX 2007 (No.2) Mineral LP has subscribed for $1,714,500.

The funds from this financing will be allocated to advancement of our uranium exploration properties in the Central Mineral Belt in Labrador, to our joint venture lands in the Otish Mountains of Quebec, and to projects in Saskatchewan.

About Santoy Resources

Santoy Resources Ltd. is a mining exploration company focused primarily on the energy sector. Emphasis is being placed on uranium projects in the Athabasca Basin of Saskatchewan, in Wollaston Domain rocks in northern Manitoba, on the advanced Blizzard uranium deposit in south-central British Columbia, in the Otish Mountains of Quebec, and in the Central Mineral Belt of Labrador. A description of our properties, including maps and photographs, can be viewed on the Company's website at www.santoy.ca.

On Behalf of the Board of Directors

SANTOY RESOURCES LTD.

Ron Netolitzky, President

Cautionary Statement on Forward-Looking Information

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Santoy Resources Ltd.
    Ron Netolitzky
    President
    (604) 669-4799
    or
    Santoy Resources Ltd.
    Tony Perri
    Investor Relations, Manager
    (604) 669-4799
    (604) 669-2543 (FAX)
    Website: www.santoy.ca