Vancouver, B.C. (FSCwire) - Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the "Company") is pleased to announce that it has arranged a non-brokered private placement. The arrangement is for up to 1,250,000 units (“Units”) of the Company at a price of $0.08 per Unit for gross proceeds of up to $100,000. Concurrently the Company will also be offering up to 4,000,000 flow-through units (“FT Units”) at a price of $0.10 per FT Unit for gross proceeds of up to $400,000. Certain insiders of the Company intend to participate in the financing.
Each Unit will consist of one common share and one share purchase warrant. Each FT Unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.15 per share for a period of 24 months from closing.
Proceeds of the private placement will be used for advancement of the Company’s exploration projects and for general corporate purposes. The Company may pay finder’s fees in connection with the issuance of the Units under the financing. Closing of the financing is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with the financing will be subject to a four-month hold period from the date of closing in accordance with applicable securities legislation.