VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sniper Resources Ltd. ("Sniper" or the "Company") (TSX VENTURE:SIP) is continuing to use its best efforts to complete the private placement of up to 12,000,000 units at $0.05 per unit announced on January 16, 2013. Each unit will consist of one common share of the Company and one warrant to purchase an additional common share at $0.10 per share for a period of two years. Finder's fees of 10%, payable in cash, may be paid to eligible persons in connection with the private placement. The Company anticipates closing the private placement before the end of March, 2013.
The proceeds of the private placement will be used firstly, for working capital purposes and secondly, for a Phase 3 drilling program on the Weepah property depending on the amount of funds raised in the private placement. Please refer to the Company's previous news releases for assay results and additional details on the Weepah property.
This private placement remains subject to receipt of all necessary regulatory approvals including acceptance by the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about the Company and its management, as well as financial statements.
Sniper Resources Ltd.
Scott Baxter, Chief Executive Officer
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the completion of a private placement, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to: availability of capital and financing required to complete the private placement and to continue the Company's exploration programs; general economic, market or business conditions; the actual results of current and planned exploration activities; the geology, grade and continuity of any mineral deposits; fluctuating gold prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.