October 22, 2013 - Vancouver, British Columbia. Savoy Ventures Inc. (the "Company") (TSX-V: SVO) is pleased to announce that it successfully completed its initial public offering (the "IPO") of 4,000,000 common shares of the Company at a price of $0.15 per share for gross proceeds of $600,000 (the "Proceeds").
Mackie Research Capital Corporation acted as agent (the "Agent") for the IPO. The Company paid to the Agent a cash commission equal to 10% of the Proceeds and granted to the Agent and the sub-agents non-transferable options to purchase 400,000 common shares of the Company at a price of $0.15 per share until October 22, 2015. The Agent also received a corporate finance fee.
The Company is also pleased to announce that it has received approval of its application to list its common shares on the TSX Venture Exchange ("TSX-V"). The Company anticipates that its common shares will commence trading on the TSX-V on October 24, 2013 under the trading symbol "SVO".
About the Company
The Company currently has an option to acquire a one hundred percent (100%) interest in the Big Range Property situated approximately 23 kilometres east of Hope, British Columbia. The Big Range Property is comprised of fourteen mineral tenures covering approximately 6,859 hectares and is located in the New Westminster Mining Division of British Columbia. Exploration to date has identified three exploration targets on the Big Range Property, which exhibit anomalous values of gold, silver, copper and/or molybdenum. In particular, the Company will focus its exploration program on determining whether sedimentary hosted or structurally hosted gold deposits are located on the Big Range Property.
The Company intends to use the net proceeds of the IPO to fund an IP geophysical survey on the Big Range Property and for general working capital purposes.
Forward Looking Information
Information set forth in this press release contains forward-looking statements relating to the use of proceeds, are made as of October 22, 2013 and are based on assumptions as of that date. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; potential defects in title to the Big Range Property, fluctuations in currency exchange rates; fluctuations in the prices of commodities; operating hazards and risks; competition and other risks and uncertainties, including those described in the Company's Final Prospectus for Ontario and Amended and Restated Prospectus for British Columbia and Alberta dated July 24, 2013 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
For Further Information please contact:
Savoy Ventures Inc.
885 W. Georgia Street, Suite 1500
Vancouver BC V6C 3E8
Greg Amor, CEO
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.
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