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Sentinel Resources Corp. (CSE: SNL) (OTC-PINK: SNLRF) ("Sentinel" or the "Company ") is pleased to announce that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States . DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be "DTC eligible". DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company's common shares in the United States .
"The ability to have the Company's shares electronically transferred between brokerages in the United States is significantly more convenient and reduces the costs incurred in trading shares," said Rob Gamley , President & CEO of Sentinel. "With the Company's shares now traded electronically, existing investors benefit from greater liquidity and execution speeds, while we've also opened the door to new investors that may have been previously restricted from our stock."
The Company's common shares are listed for trading on the OTC, a U.S. based securities trading system, under the symbol "SNLRF". The Company's shares will continue to be traded on the Canadian Securities Exchange ("CSE") under its existing symbol "SNL".
Private Placement Financing
Sentinel is also pleased to announce a non-brokered private placement financing of 2,000,000 units at a price of $0.50 per Unit for total proceeds of $1,000,000 (the "Offering").
Each Unit under the Offering will consist of one common share and one share purchase warrant (each a "Warrant"), with each Warrant entitling the holder to purchase one additional share at a price of $1.00 per share for a period of one year from the date of issue. Sentinel has the right to accelerate the expiry date of the Warrants if, at any time, the average closing price of the Company's common shares is equal to or greater than $1.25 for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 10 business days after the Company issues a news release announcing that it has elected to exercise this acceleration right.
The Company may pay a finders fee under the Offering. The securities issued under the Offering will be subject to restrictions on resale for a period of four months from the date of issue.
The proceeds of the Offering will be used to carry out Sentinel's exploration program on its mineral properties.
About Sentinel Resources
Sentinel Resources is a Canadian-based exploration company focused on the acquisition and exploration of precious metals projects with world-class potential. Its current portfolio includes gold and silver projects located in New South Wales, Australia , Peru and British Columbia . The Company's guiding principles are based on acquiring strategic exploration properties in mining-friendly jurisdictions with historical mining industries, low-cost of entry or acquisition, and easy access to infrastructure to minimize capital and operational costs in explorational periods. For more information, please go to the Company's website at www.sentinelexp.com .
Sentinel Resources Corp.
"Rob Gamley"
President and Chief Executive Officer
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Sentinel 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 Sentinel's control. Such factors include, among other things: risks and uncertainties relating to Sentinel's limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral properties, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Sentinel undertakes no obligation to publicly update or revise forward-looking information.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Sentinel Resources Corp.
