Serengeti Announces a Non-Brokered Flow-Through Private Placement
16 Giugno 2011 - 2:30PM
Marketwired
Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S)
announces a non-brokered private placement to raise gross proceeds
of up to $1,054,000 through the sale of up to 3,400,000
flow-through units at a price of $0.31 per flow-through unit, with
an overallotment provision of an additional 15%. Each flow-through
unit will consist of one flow-through common share and one-half of
one non-flow-through share purchase warrant. Each whole warrant
will be exercisable into one common share for a period of eighteen
months from closing of the financing, at a price of $0.42 per
share.
Serengeti has agreed to pay cash finder's fees of 6%, in
accordance with TSX Venture Exchange policies.
The private placement and finder's fee will be subject to
acceptance by the TSX Venture Exchange.
Proceeds will be used by Serengeti to fund further drilling and
exploration work on its portfolio of British Columbia properties,
including on its Kwanika copper-gold project and for general
working capital purposes.
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an
experienced team of professionals with a solid track record of
exploration success. The Company is currently advancing its Kwanika
copper-gold project, and exploring its extensive portfolio of
properties in the highly prospective Quesnel Trough of British
Columbia and has initiated exploration for gold-silver deposits in
Mexico. Additional information on Serengeti's projects can be found
on the Company's website at www.serengetiresources.com. Serengeti
is well funded to advance its projects with a current working
capital position of approximately $5.2 million, which includes $3.5
million receivable from the B.C. government's METC program.
Serengeti has 46.9 million shares issued and outstanding and 52.6
million shares on a fully diluted basis.
Cautionary Statement
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All
statements other than statements of historical fact herein,
including, without limitation, statements regarding exploration
plans and other future plans and objectives, are forward-looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and
future events and actual results could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from our expectations are
disclosed in the Company's documents filed from time to time via
SEDAR with the Canadian regulatory agencies to whose policies we
are bound.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Investor Relations Paradox Public Relations
514-341-0408 or Toll Free in North America: 1-866-460-0408
info@paradox-pr.ca Serengeti Resources Inc. 604-605-1300
www.serengetiresources.com
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