Sidon Int'l closes private placement
2010-07-28 17:09 ET - News Release
Mr. Kamal Alawas reports
COMPLETION OF PRIVATE PLACEMENT AND PROPERTY TRANSACTION
Sidon International Resources Corp. has closed the private placement of 15.8 million units which was announced in Stockwatch April 21, 2010, where each unit consists of one common share of the company and one share purchase warrant having a two-year term at the exercise price of 10 cents per share for the first year and thereafter 15 cents per share for the second year. The company granted a total of 65,000 common shares and $3,250 cash as part of the finder's fee payable in connection with the private placement.
All of the shares issued under the private placement and issuable pursuant to the exercise of the share purchase warrants are subject to a four-month hold period expiring Nov. 21, 2010.
Morogoro property
The company announces that it received acceptance from the TSX Venture Exchange with respect to the option agreement among the company, Kokanee Placer Ltd. and AFGF (Tanzania) Limited, whereby the issuer will acquire an option to earn per cent of the legal and beneficial interest in certain prospecting and primary mining licences located in the Morogoro regional mining district of the United Republic of Tanzania in exchange for cash payments in the amount of $1.5-million (U.S.), seven million common shares and exploration expenditures of $1.5-million (U.S.).
Shares issued to the optionor are subject to a hold period expiring on Nov. 21, 2010.
We seek Safe Harbor.
