VANCOUVER, June 26, 2017 /CNW/ - Savant Explorations Ltd. (TSXV: SVT; US OTC: SVATF) (the "Company") announces the Company has closed its non-brokered private placement of $600,000 at a price of $0.05 per common share which increased from the previously announced $500,000 financing (see news release dated June 5, 2017). Officers and directors purchased 23.5% of the financing. All common shares issued are subject to a hold period expiring four months and one day from closing in accordance with applicable securities laws. A finder's fee of $7,500 was paid in connection with the financing. The proceeds will be used to advance the Company's wholly-owned Blue Moon zinc project including initiating the baseline work for permitting, initial engineering work, obtaining permits for the anticipated drill program and general working capital.
The Company also granted 3,750,000 stock options to officers, directors and technical advisors, each option being exercisable for a five year term at a price of $0.07 per common share. All options vest over eighteen months with a third vesting every six months and are governed by the terms and conditions of the Company's stock option plan.
About Savant
The Company is focused on the wholly-owned advanced stage Blue Moon zinc project. The Blue Moon project has a current resource estimate of 2.62 million tons with a grade of 6.01% zinc in the Indicated category and 2.68 million tons with a grade of 5.98% zinc in the Inferred category plus significant values of copper, silver and gold. The resource is open at depth and along strike and historical metallurgical testing indicates favourable recoveries. A NI 43-101 report detailing the resource and summarizing metallurgical recoveries is available on the company's website (www.savantexplorations.com) and filed on SEDAR on February 21, 2008. The Company plans to advance the project to feasibility and permitting.
Qualified Persons
Jack McClintock, P. Eng, a Director of the Company, is a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this press release.
