Savant Explorations Ltd.

Savant Explorations Ltd.

April 01, 2014 14:33 ET

Savant Explorations Ltd. Closes $537,400 Financing-Offering Oversubscribed

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 1, 2014) -


Savant Explorations Ltd. ("Savant" or the "Company") (TSX VENTURE:SVT) announces that further to its news release of March 11, 2014, the Company has now closed the non-brokered private placement. The Company sold a total of 10,748,000 units (the "Units"), 748,000 more Units than was announced in the March 11, 2014 news release, at a price of $0.05 per Unit for gross proceeds of $537,400. Each Unit consisted of one common share and one non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 per share for a two year period from the closing date.

The Company paid finders' fees in the amount of $53,240 and non-transferrable warrants to purchase 1,064,800 shares at $0.10 per share for a two year period from the closing date of the private placement.

All securities acquired pursuant to the private placement have a four month hold period expiring on August 2, 2014 and were sold pursuant to applicable securities law exemptions. The net proceeds will be used for exploration of Savant's South West US properties and general corporate purposes.

John McClintock, president, commented, "The funds raised in this financing increase the company's treasury to approximately $1.2 million allowing us to advance our new Southwest U.S. copper exploration strategy while maintaining a strong balance sheet."

About Savant

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 $40,000. Savant also owns three other high-quality properties, the Yuby Gabriela copper property in Chile, the Blue Moon Zinc-lead deposit in California and the Yava Zn-Ag property in Nunavut, Canada that Savant's management is seeking to monetize for maximum value to Savant and its shareholders.

More information on the Company's activities is available at the Company's web site at

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.

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