Vancouver, British Columbia (FSCwire) - Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the “Private Placement”). The Company issued 10,270,000 units (“Units”) at a price of $0.05 per share for gross proceeds of $513,500, and 6,070,000 flow-through shares (“FT Shares”) at a price of $0.06 per share, for gross proceeds of $364,200, for total gross proceeds of $877,700.
Each Unit consists of one common share and one share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for a period of 24 months from August 9, 2018.
Proceeds of the private placement will be used for advancement of the Company’s exploration projects and for general corporate purposes. Certain insiders of the Company participated in the financing.
In connection with the completion of the Private Placement, the Company has paid a finder’s fee in the amount of $21,120. Securities issued pursuant to the Private Placement are subject to a four month hold period expiring December 10, 2018.
On Behalf of the Board of Directors
SAVILLE RESOURCES INC.
Mike Hodge, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.