Sacre-Coeur arranges $3.25-million equity financing

2009-07-09 05:43 ET - News Release

Mr. Irwin Olian reports

SACRE-COUER MINERALS, LTD. ANNOUNCES PRIVATE PLACEMENT

Sacre-Coeur Minerals Ltd. has arranged a non-brokered private placement to raise gross proceeds of up to $3.25-million. Under the terms of the private placement, the company will offer for sale a maximum of five million units at 65 cents per unit.

Each unit will consist of one common share of the company and one-half of one share purchase warrant, where each whole warrant will allow the subscriber to purchase one additional common share of the company at 85 cents for a period of two years from the closing date.

The units issued upon the closing of the private placement will be subject to a four-month hold period. The company may, in its discretion, pay a cash finders fee of up to 7 per cent of the total gross proceeds of the offering. The private placement is subject to the acceptance of the TSX Venture Exchange.

Proceeds from the private placement will be used:

• To finance a test mining program on the Lower Puruni project (Million Mountain), where alluvial gold deposits near surface have been identified;
• For further exploration and drilling at the Lower Puruni project along the 10-kilometre trend at a number of prospective zones;
• For exploration elsewhere on the company's portfolio;
• For additional working capital.