Savant Explorations Ltd.
TSX VENTURE : SVT

Savant Explorations Ltd.

September 30, 2010 19:00 ET

Savant Explorations Ltd. Closes $1,095,400 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Savant Explorations Ltd. ("Savant" or the "Company") (TSX VENTURE:SVT) announces that further to its news release of September 13, 2010, the Company has now closed the non-brokered private placement. In its press Release of September 13, 2010, the Company stated that it would raise up to $1,000,000 through the sale of Units. The Company sold a total of 6,085,551 units (the "Units") at a price of $0.18 per Unit for gross proceeds of $1,095,400. Each Unit consists of one common share and one half of one transferable common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.28 until the first anniversary of the Closing and thereafter at a price of $0.33 per Warrant Share until the second anniversary of the Closing.

The Company paid finders' fees in the amount of $65,400 and non-transferrable warrants to buy 363,333 units (the "Finders' Units") at $0.18 for a two year period from the date of closing in connection with the private placement. Each Finders' Unit consist of one common share and one half of one non-transferable common share purchase warrant (a "Finder's Warrant"). Each whole Finder's Warrant entitles the holder to purchase one additional common share of the Company (a "Finder's Warrant Share") at a price of $0.28 until the first anniversary of the Closing and thereafter at a price of $0.33 per Finder's Warrant Share until the second anniversary of the Closing.

The securities sold have a four month hold period expiring on January 31, 2011. The securities were sold pursuant to applicable securities law exemptions. The net proceeds will be used for exploration of Savant's Parbec and McWatters Project located in Quebec and general corporate purposes.

This press release contains forward-looking statements concerning Savant. These forward-looking statements are based upon the reasonable beliefs of Savant and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Savant. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Savant may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Savant does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.

Neither the 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.

Contact Information