Savant Explorations Ltd.

Savant Explorations Ltd.

April 09, 2010 18:02 ET

Savant Explorations Ltd. Closes Second Tranche of Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 9, 2010) -


Savant Explorations Ltd. ("Savant" or the "Company") (TSX VENTURE:SVT) is pleased to announce that further to its news release of March 9, 2010, the Company has now closed the second tranche of non-brokered flow-through and unit private placement consisting of 5,280,000 flow – through shares at $0.09 per share and 1,490,000 units priced at $0.08 for a gross proceeds of $594,400. Each Unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $0.11 for a two year period expiring on April 8, 2012. Finders fees aggregating $12,625 were paid on Shares and Units issued to certain subscribers, of which $4,500 was paid in shares and $2,800 in Units.

The first tranche of the private placement closed on April 1, 2010 the details of which are set out in a press release dated April 1, 2010.

The securities sold have a four month hold period expiring on August 10, 2010. The Shares and Units were sold pursuant to applicable securities law exemptions. The net proceeds will be used for exploration of Savant's recently optioned Parbec Project, further property acquisitions in Quebec, working capital and general corporate purposes.

This press release contains forward-looking statements concerning Savant and the Parbec Property. These forward-looking statements are based upon the reasonable beliefs of Savant and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Savant. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Savant may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Savant does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.

Neither the 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

Contact Information