Saville Proposed Private Placement
SAVILLE RESOURCES INC.
Suite 1450 – 789 West Pender Street Vancouver, B.C.
V6C 1H2 Phone: 604-681-1568 Fax: 604-681-8240
SAVILLE PROPOSED PRIVATE PLACEMENT
Vancouver, B.C. – August 21, 2014 – The Company reported today that the directors had negotiated a nonbrokered private placement of up to 15,000,000 units at a price of $0.05 per unit for gross proceeds of up to $750,000. A unit consists of one common share, one-half non-transferable Series A share purchase warrant and one-half non-transferable Series B share purchase warrant. Each whole Series A warrant is exercisable into one further common share at a price of $0.25 per share for a period of five years from closing. Each whole Series B warrant is exercisable into one further common share at a price of $0.50 per share for a period of five years from closing. The Series A warrants will contain an acceleration clause which will provide that if, at any time after the date which is four months following the closing, the shares of the Company trade on the Exchange at a price of $0.35 or greater for a period of 14 consecutive trading days, the Company may give notice to the Series A warrant holders of the acceleration of the exercise date to a period which is 30 days from the giving of such notice. The Series B warrants will contain an acceleration clause which will provide that if, at any time after the date which is twelve months following the closing, the shares of the Company trade on the Exchange at a price of $0.65 or greater for a period of 14 consecutive trading days, the Company may give notice to the Series B warrant holders of the acceleration of the exercise date to a period which is 30 days from the giving of such notice. The Company may pay finder’s fees to finders who introduce accredited investors to the placement in accordance with TSX Venture Exchange policy. Proceeds of the placement will be applied to work on the Company’s Bud and Manson Creek properties, to pay legal and filing expenses associated with the offering and for working capital.
The Company also reported that effective July 31, 2014, Mr. Xiao Hai Yin had resigned as a director of the Company after 11 years of service. The company thanks him for his significant contributions over the years and wishes him the best in the future. Effective August 21, 2014 Mr. Harold Burgess will be appointed a director of the Company to fill the vacancy caused by the resignation of Mr. Yin and Mr. Man Fai (Steven) Chen has been appointed interim president of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS OF SAVILLE RESOURCES INC.
__________________________________ Craig Robson, Director
Neither 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.
Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.