VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 11, 2014) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES)
Savant Explorations Ltd. ("Savant" or the "Company") (TSX VENTURE:SVT) announces that it intends to complete a non-brokered private placement offering of up to $500,000 in Units (the "Offering"). Each Unit will be priced at $0.05 per Unit and will consist of one Savant common share and one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share of Savant at a price of $0.10 per share for a period of 24 months from the closing date. Finder's fees and other compensation allowed under securities regulations may be payable on the Offering.
The Offering is scheduled to close on or before March 31, 2014. The securities will be sold pursuant to applicable securities law exemptions and will be subject to a four month hold period from the date of closing. The transaction is subject to receipt of required regulatory and Board approvals. The net proceeds will be used for further exploration and property acquisitions, advancing Savant's mineral property portfolio, working capital and general corporate purposes.
Savant is an exploration and development stage company focused on generating and exploring high quality precious and base metal properties in stable jurisdictions. Savant has recently initiated a new exploration and discovery strategy in Southwest United States with the acquisition of the Buckhorn, Jasper Canyon, and Frazier Creek properties. Savant's other properties and assets are 100% owned with combined annual holding costs of approximately $30,000. Savant also owns three other high-quality properties, Yuby-Gabriela, Blue Moon and Yava that Savant's management is seeking to monetize for maximum value to Savant and its shareholders.
John McClintock, P. Eng. CEO of Savant is the Qualified Person, as defined by National Instrument 43-101, responsible for the technical data in this news release.
More information on the Company's activities is available at the Company's web site at www.savantexplorations.com.
Neither 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.
This news release contains forward-looking statements, including those related to the terms of the proposed financing and the proposed use of proceeds. These statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to obtain necessary regulatory approvals, the failure to reach agreement on final documentation, exploration results and other risk factors that are beyond Savant's control. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. Savant does not undertake any obligation to publicly update or revise any forward-looking statements, except as required by law.