04:26 PM EDT, 10/24/2018 (MT Newswires) -- Saturn Oil & Gas (SOIL.V) on Wednesday said it expects to raise as much as $6.5 million in a brokered private placement of common and flow-through share units.

The company said it will sell 27.08 million common share units or flow through shares, each priced at either $0.30. The common share units include one half of a two-year warrant to purchase another share for $0.30.

Canaccord Genuity and Gravitas Securities will lead the syndicate selling the offering on a commercially reasonable efforts basis.

Funds from the offer will be used to develop the company's Saskatchewan oil properties.

Saturn shares closed up $0.005 to $0.275 on the TSX Venture Exchange

Price: 0.275, Change: +0.005, Percent Change: +1.85