SOURCE: Saturn Minerals Inc.

July 12, 2007 12:19 ET

Saturn Minerals Inc. Arranges Financing With Loeb Aron & Company Ltd.

VANCOUVER, BC--(Marketwire - July 12, 2007) - Saturn Minerals Inc. (TSX-V: SMI) ("Saturn") wishes to announce that Saturn has arranged a bought deal private placement financing with London-based Loeb Aron & Company Ltd. ("Loeb Aron & Co."). It has been agreed that the non-brokered private placement will consist of the issuance of 1,000,000 units at $0.20 per unit. Each of the units will consist of one common share and one non-transferable share purchase warrant ("warrant"). Each warrant will entitle the holder to purchase one additional common share of Saturn for a period of two years at a price of $0.30 per share. Saturn has agreed to pay a cash finder's fee to Loeb Aron & Co. of 5.75% of the proceeds raised and brokers warrants equal to 6.75% of the number of units subscribed for at an exercise price of $0.20 for a term of 24 months.

Loeb Aron & Co. is a London based firm specializing in mining finance authorized and regulated by the FSA and a Member of the London Stock Exchange and of Plus Markets.

Completion of this financing is subject to the delivery of definitive subscription agreements and TSX Venture Exchange acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.

Proceeds of this financing will be used for working capital and general corporate purposes.

SATURN MINERALS INC.

"Mike Elson"
Mike Elson
President
Forward-looking statements -- statements included in this news release that are not historical facts may be considered "forward-looking statements." All estimates and statements that describe the Company's objectives, goals or future plans are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.

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

Contact Information

  • Saturn Minerals Inc.
    900, 555 - Burrard Street
    Vancouver, B.C. V7X 1M8
    Telephone: (604) 699-8604
    Fax: (604) 699-8605
    Website: www.saturnminerals.com