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.
Neither the 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. This release includes certain statements
that may be deemed to be forward-looking statements. All statements
in this release, other than statements of historical facts that
address access to capital, regulatory approvals, exploration and
development drilling, exploitation and development activities and
events or developments that the Company expects are forward-looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continuity of mineralization, uncertainties
related to the ability to obtain necessary permits, licenses and
title and delays due to third party opposition, changes in
government policies regarding mining and natural resource
exploration and exploitation, and continued availability of capital
and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is
expressed in this press release, and the Company undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws. For
more information on the Company, investors should review the
Company's continuous disclosure filings that are available at
www.sedar.com
SOURCE Savant Explorations Ltd.