Saturn Minerals Inc. (TSXV: SMI.V) closed a nonbrokered private placement of 5,560,000 units, at 12 cents each, for CA$678,000 in proceeds, the company said Feb. 7.

Proceeds will fund Saturn Mineral’s working capital, the company said.

Units in the placement consist of one common share and half of a share purchase warrant, the company said, noting that whole warrants allow one additional share to be purchased. These additional shares are exercisable for 24 months from the issue date at 15 cents each, the company added.

Additionally, Saturn Minerals detailed a separate, nonbrokered flow-through private placement, the company said. Here, 5,000,000 units, at 15 cents each, consist of one flow-through common share and half of a non-flow-through share purchase warrant, the company added.

Whole warrants will purchase one non-flow-through share that is exercisable for 24 months, at 20 cents, from the issue date, the company said.

Saturn Minerals Inc. is a Canadian junior energy company that owns 370,000 acres of Saskatchewan oil and natural gas rights. It is based in Vancouver.