|Fri Dec 17, 2004|
Sultan Minerals Closes Brokered Flow-Through Financing
|Sultan Minerals Inc. (SUL-TSX Venture) ("Sultan") is pleased to announce that it has closed a brokered flow-through private placement financing previously announced November 9, 2004, of 1,000,000 flow-through units (the "Units") at a price of $0.17 per Unit for gross proceeds of $170,000. Each Unit is comprised of one flow-through common share in the capital of Sultan and one-half of one non-transferable share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional common share of Sultan at an exercise price of $0.20 per share, expiring December 15, 2005.|
Consideration paid to Canaccord Capital Corporation includes 100,000 Agent's Units and 50,000 Agent's Warrants with the same terms and conditions as the securities issued to the purchasers.
All shares, warrants and any shares issued upon exercise of the warrants with respect to the private placement and agent's compensation are subject to a hold period and may not be traded for a four month period ending April 16, 2005.
Proceeds from the brokered private placement will be used to fund exploration programs on the Company's Kena property situated in south-eastern British Columbia.
For further information on the Company's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
T. J. Malcolm Powell - Email: IR@langmining.com
No regulatory authority has approved or disapproved the information contained in this news release.
You can view the Next 2004 News Releases item: Mon Dec 20, 2004, Sultan Minerals Expands Priority Silver/Gold Targets on Coripampa Properties, Peru
You can view the Previous 2004 News Releases item: Mon Dec 13, 2004, Sultan Minerals Drills High-Grade Gold Targets on Kena Property, BC
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