Saville Resources Closes Private Placement
TSX VENTURE: SRE
Vancouver, B.C. (FSCwire) - Saville Resources Inc. (TSXv: SRE) ("Saville" or the "Company") is pleased to report that it has closed the announced non-brokered private placement for gross proceeds of $857,300.
Pursuant to the offering, Saville issued 14,288,333 units (a “Unit”) at a price of $0.06 per Unit for aggregate gross proceeds of $857,300. Each Unit consists of one common share of the company and one share purchase warrant exercisable into one common share at an exercise price of $0.10 for a period of 24 months. These Units will be subject to a four month and one day statutory hold period. These Units will become exercisable on November 8th 2017.
In connection with the Private Placement, the Company paid an aggregate of $16,656 in cash commissions to three finders, equal to 8% of the gross proceeds received from investors introduced to the Company by those finders.