Sarissa Resources Completes Private Placement Offering and Updated Shining Tree Property Report
September 19 2012 - 9:00AM
Marketwired
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.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company with
interests in properties in Northern Ontario, Canada. The Company is
specifically focused on the development of its Nemegosenda niobium
project as well as its Shining Tree gold project.
FOR FURTHER INFORMATION contact: www.sarissaresources.com Public
Relations: Merle Goertz North America: 866-307-1331 Hong Kong: 852
8174 5996
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