VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sniper Resources Ltd. ("Sniper" or the "Company") (TSX VENTURE:SIP)(FRANKFURT:A1H38M) is pleased to announce that it has closed its previously announced non-brokered private placement of units. The Company issued 2,280,000 units at $0.10 per unit to raise proceeds of $228,000. No finder's fees or commissions were paid in connection with the private placement. Each unit consisted of one common share and one warrant to purchase an additional common share at $0.15 per share until July 20, 2013.
The proceeds of the private placement will be used for working capital purposes and for further drilling and exploration on the Weepah property.
Sniper now has 34,806,274 common shares issued and outstanding. The Company's directors and officers collectively hold approximately 25% of the issued and outstanding shares.
All securities issued or issuable under the private placement are subject to a hold period under applicable Canadian securities laws expiring on November 17, 2012, in addition to such other restrictions as may be applicable under securities laws outside Canada.
ABOUT SNIPER RESOURCES LTD.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. Sniper owns a 100% interest in the ReHot project and holds options to earn a controlling interest in four strategically located Nevada gold projects, namely, Guild, Overland Pass, Weepah, and Laura.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about the Company and its management, as well as financial statements.
Sniper Resources Ltd.
Scott Baxter, Chief Executive Officer
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.