Saville Resources Announces Extension of Private Placement and Provides Corporate Update
VANCOUVER, May 1, 2024 - Saville Resources Inc. (TSXV:SRE) (FSE:S0J) (the "Company") is pleased to announce it has extended its previously announced non-brokered private placement of up to 15,000,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of up to $750,000 (the "Offering"). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable to acquire one common share of the Company at a price of $0.075 per share for a period of 12 months from the date of issuance. The Company may pay finder's fees in connection with the Offering in accordance with applicable securities law and the policies of the TSX Venture Exchange (the "Exchange"). The Company expects to use the net proceeds of the Offering for general corporate purposes and working capital.
The Offering remains subject to approval of the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day. Insiders may participate in the Offering, but the extent of insider participation, if any, is unknown at this time.
Corporate Update
The Company also announces that Nicholas Rodway has stepped down as a director of the Company. The Company thanks Mr. Rodway for his dedicated service and wishes him success in all his future endeavors.
On behalf of the Board of Directors
Saville Resources Inc.
"Mike Hodge"
Mike Hodge, President
Tel: 604.681.1568
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this 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 news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Offering, including the terms, timing and use of proceeds of the Offering, and the timely receipt of all necessary approvals for the Offering. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include but are not limited to market conditions and the risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
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SOURCE: Saville Resources Inc.