News ...
OAKVILLE, ON, Sep 19, 2012 (MARKETWIRE via COMTEX) -- Sarissa Resources Inc.
("Sarissa") (PINKSHEETS: SRSR), and its wholly owned subsidiaries, Nio-Star
Corp. ("Nio-Star" or "the Company"), and Shining Tree Resources Corp. ("Shining
Tree"), are pleased to announce the closing of a financing of both flow-through
and common share units (the "Units"), and the completion of an updated Technical
Report for Shining Tree.
The Units consist of one common share and one common share purchase warrant of
Sarissa and were sold at a unit price of two cents per share. The common share
purchase warrants are exercisable into one common share of Sarissa for a period
of two years at an exercise price of three cents. The Units were sold under
applicable securities laws on a private placement basis, and the resulting
Shares and warrants are therefore subject to a minimum four month hold period
under applicable Canadian securities laws, as well as any longer hold period
that may be prescribed under U.S. securities laws. Total proceeds of the
financing were $447,500 through the placement of 22,375,000 Units at a price of
$0.02 per Unit.
Proceeds from the financing are targeted toward reducing long-term debt and
current payables, as well as for funding exploration expenses and general
working capital purposes, including the legal and accounting work necessary to
move Sarissa toward the "Current Information" tier through OTC Markets. These
funds will also be available to finance continued operations while arrangements
are pursued to establish the anticipated new Joint Venture that was previously
announced on August 27, 2012.
As previously released, Nio-Star has entered into a Letter of Intent to form a
Joint Venture company to finance the advanced exploration of Nio-Star's niobium
property in Northern Ontario. As this progresses Sarissa also expects to be in a
position to announce an ex-dividend date for the previously announced and
shareholder approved spin-out transaction of its Shining Tree Resources Corp.
subsidiary.
In addition, an updated independent Technical Report has been prepared for the
Shining Tree property following further diamond drilling and a Deep Gradient
Induced Polarization Survey. Sarissa and Shining Tree anticipate that the report
will be released and filed on SEDAR within the next week.
Dr. Cam Cheriton, Ph.D, P.Eng, a director of Sarissa, is a "qualified person"
within the meaning of National Instrument 43-101 and has read and is responsible
for the technical information contained in this news release.
Safe Harbor This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities Act of 1933
and the Securities Exchange Act of 1934, as amended by the Private Securities
Litigation Reform Act of 1995. Those statements include statements regarding the
intent, belief or current expectations of Sarissa Resources Inc. and Nio-Star
Corp., as well as members of their respective management, in addition to the
assumptions on which such statements are based. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking statements.
Important factors currently known to management that could cause actual results
to differ materially from those in forward-statements include fluctuation of
operating results, the ability to compete successfully and the ability to
complete before-mentioned transactions. Neither Sarissa nor Nio-Star undertakes
any obligation to update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to future
operating results. |
