Sanu Resources Ltd.
TSX VENTURE : SNU

Sanu Resources Ltd.

October 19, 2006 17:37 ET

Sanu Resources Ltd.: Successful Completion of $2,200,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 19, 2006) - Sanu Resources Ltd. (TSX VENTURE:SNU) (the "Company") is pleased to announce that it has completed its previously announced private placement of 5,500,000 units at a price of $0.40 each for proceeds of $2,200,000. Each unit consisted of one common share (a "Share") and one non-transferable common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder thereof to acquire one additional Share for a period of two years at a purchase price of $0.50 each. If after the expiry of all applicable statutory required hold periods, the closing price of the Shares of the Company on the TSX Venture Exchange is $0.70 or greater per Share, the Company shall provide notice of an earlier expiry of the Warrants such that the Warrants expire 30 days after giving such notice. The Shares and any Shares issued on exercise of the Warrants are subject to restrictions on transfer for a period of four months from closing. The proceeds of the private placement will be used to continue exploration on the Company's property portfolio and general working capital.

Profile

Sanu is a mineral exploration company focused on the acquisition, exploration and discovery of world-class gold and base metal deposits in Africa and is currently exploring in Eritrea, Burkina Faso and Morocco. The Company has 25.8 million shares outstanding and trades on the TSX Venture Exchange under the symbol SNU.

Forward-Looking Statement

Some statements in this release contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, expenditures, transactions and financings. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, risks related to actual results of exploration activities, the timing and amount of expenditures and the completion of transactions and financings.


Contact Information

  • Sanu Resources Ltd.
    Michael Winn
    President
    (949) 494-6431
    or
    Sanu Resources Ltd.
    Kim Casswell
    Corporate Secretary
    (604) 688-2199
    (604) 688-1157 (FAX)