OAKVILLE, Ontario, Oct. 3, 2014 /PRNewswire/ -- Sarissa Resources
Inc. ("Sarissa" [SRSR:OTCPK], or the "Company") is pleased to
announce the final closing of its non-brokered private
placement. The closing consisted of the issuance of a total
of 31,250,000 common shares at a price of $0.008 per common share from existing
shareholders, for gross proceeds of $250,000.
All securities issued under this private placement are
restricted. The proceeds of the private placement will be used to
complete work on its recently announced development plan for the
Company's wholly owned Nio-Star Corp. ("Nio-Star") subsidiary's
Nemegosenda niobium project in Ontario, and for general corporate
purposes.
Drilling and Geology: The funds raised are sufficient to
complete the Company's drilling of two additional twinned holes,
the logging and assaying of the results from those holes, the
logging and assaying of the original 3 Dominion Gulf drill cores
from the Ministry of Northern Development and Mines drill core
library in Timmins, Ontario.
The funds will also cover the completed updated
resource calculation report under the NI 43-101 standards and
significant progress towards the completion of the Preliminary
Economic Assessment report on the project.
Accounting and Legal: The funds raised are also
sufficient to cover the preparation of audited financial reports
and the legal work necessary for the Company to complete its
previously announced plans to spin out to Sarissa shareholders its
wholly owned subsidiary Nio-Star with a plan to take Nio-Star
public. The shareholders of Sarissa would receive shares of the
newly-independent Nio-Star via a share dividend transaction.
"It is very satisfying to receive the support from our long term
shareholders to move the Company's recently announced development
plans forward. The recently raised funds will provide the
Company the ability to move the project ahead and achieve both a
higher standard of resource classification as well as a standalone
listing for the Company's Nio-Star subsidiary." said Dan Byrnes, President of Sarissa Resources
Inc.
"These funds will allow the Company to overcome the main hurdles
we have faced when talking to larger investors regarding future
stage financing for the project. Being able to recalculate
our present historical resource to a higher NI 43-101
classification and having the project listed on a fully reporting
exchange will allow us to be much more credible with the many
interested parties we have discussed the project with to date,"
added Scott Keevil, Chairman of
Sarissa Resources Inc..
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration Company with
interests in properties in Northern Ontario, Canada. Sarissa
and Nio-Star are specifically focused on the development of the
Nemegosenda niobium project as well as the Shining Tree Resources
Corp. gold projects. Visit www.sarissaresources.com for
additional information.
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 financial results and positions, the ability
to compete successfully and the ability to complete
above-referenced exploration and testing, as well as business
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.
SOURCE Sarissa Resources Inc.