Scarlet Resources Ltd.

May 29, 2009 14:45 ET

Scarlet Resources Ltd. Closes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Scarlet Resources Ltd. (the "Company") is pleased to announce that it has completed its initial public offering (the "IPO") raising gross proceeds of $400,000. A total of 2,666,666 common shares of the Company (the "Shares") were issued at a price of $0.15 per Share pursuant to the final prospectus of the Company dated April 23, 2009. Jordan Capital Markets Inc. (the "Agent") acted as agent on the IPO, in consideration for which the Company paid to the Agent a cash commission equal to 7% of the gross proceeds, issued to the Agent and its selling group agents' warrants equal to 10% of the aggregate number of Shares sold under the IPO, and paid the Agent a corporate finance fee. Each agent's warrant entitles the holder to purchase one common share of the Company for a period of 24 months from the date of closing at a price of $0.15 per share.

The Company's common shares are expected to commence trading on the Canadian National Stock Exchange under the trading symbol "SCT" on June 1, 2009.

About Scarlet Resources Ltd.

The Company's focus is to evaluate, acquire and explore natural resource properties. The Company presently has an option to acquire an undivided 100% interest in an exploration property situated in central British Columbia, namely the Ches Cu-Mo-W Property.

On Behalf of the Board of Directors, Scarlet Resources Ltd.

Robert Bick, CEO, President and Director

The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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