VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 19, 2016) - Savant Explorations Ltd. (TSX VENTURE:SVT) ("the Company") announces that it intends to raise up to $105,000 by way of a non-brokered private placement, subject to TSX Venture Exchange acceptance. The private placement will consist of the sale of up to 7,000,000 units at a price of $0.015 per unit, with each unit to consist of one common share and one-half (1/2) of a share purchase warrant, with each whole warrant to entitle the holder to purchase an additional common share at a price of $0.05 for a period of two years from closing.
The private placement is not subject to any minimum subscription, and certain insiders of the Company have agreed to participate, with full particulars of such participation to be included in the news release announcing the closing. The proceeds will be used by the Company for administration expenses, property maintenance costs (including taxes) and for general working capital.
The securities issued pursuant to this private placement will be subject to a hold period expiring four months and one day from closing.
Blue Moon Polymetallic VMS "Zinc" Project, California
Management will focus its attention on advancing the Company's 100% owned high-grade polymetallic VMS "Zinc" (Zn-Cu-Pb-Au-Ag) deposit located within the Foothills Massive Sulphide Belt 22 miles east of Merced in Mariposa County, California. A report detailing the resource is available on the company's website and on SEDAR.
Savant is currently reviewing various strategic options to advance the project including partnership under an earn-in joint venture structured deal or proceeding on its own upon completion of additional financing.
2016 Annual General Meeting
The Company recently held its 2016 Annual General Meeting in Vancouver. Resolutions passed at the meeting included the re-appointment of Hay and Watson as auditors, approval of the Company's incentive stock option plan, and the re-election of Directors David Douglas, Reg Advocaat, and Rupert Legge. A resolution allowing for the consolidation of share capital (up to 1 new for 10 old) received 66% approval but fell just short of the 66.6% required for passing.
The Company's Chilean office and subsidiary were shut down and sold to local investors thus avoiding an extensive and costly wind up of operations. All Chilean properties were either dropped or sold with the subsidiary.
The Company has approved the granting of stock options to Directors and Officers of the Company for the purchase of 1,600,000 common shares of Savant. The options are granted pursuant to the Company's Stock Option Plan and have an exercise price of $0.05 per share, a term of five years and are fully vested.
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 news release.