News Release: 09-11
Fri Jun 26, 2009
Santoy Resources Ltd. (TSX.V: SAN) wishes to announce that the business combination involving Santoy and Virginia Uranium Ltd., by way of a statutory plan of arrangement and approved by joint shareholders at the Special and Annual Meeting held on May 21st (news release dated May 21, 2009) is now scheduled to close on or before July 21, 2009, subject to required approvals. In order to facilitate the on-going environmental baseline program and a new Preliminary Economic Assessment study, Santoy will advance US$ 904,159.13 (the equivalent of CAD$1,000,000) which upon closing of the transaction will be converted into 1,666,666 shares of VA Uranium Holdings, Inc, which will satisfy the financing commitment specified in the Amended and Restated Combination Agreement dated April 14, 2009. In accordance with the same agreement, the maturity date of the Convertible Promissory Note issued January 2, 2009 will be extended to coincide with the closing of the business combination.
Virginia Uranium Ltd. owns an interest in the Coles Hill uranium deposit located in southern Virginia. Coles Hill, considered to be one of the largest undeveloped uranium deposits in the United States, had been advanced through to the feasibility stage in 1982 and has now been investigated by 220 drill holes. It has an estimated measured and indicated resource of 119 million pounds of U3O8 (at a cut-off grade of 0.025 per cent U3O8) based on a National Instrument 43-101 technical report on the Coles Hill property prepared for Santoy by Behre Dolbear and Company Ltd., Marshall Miller and Associates Inc., and PAC Geological Consultant Inc. [Dr. Peter Christopher, P.Eng.] dated Feb 2, 2009 and revised April 29, 2009. This report is available on SEDAR and on Santoy's website at www.santoy.ca
The proposed Private Placement financing announced May 14, 2009 is scheduled to close prior to the closure of the business combination.
On Behalf of the Board of Directors
SANTOY RESOURCES LTD.
R. K. Netolitzky, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
For further information contact: Ron Netolitzky, President or Tony Perri - Investor Relations, Manager
Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B 1N2
Tel: (604) 669-4799 Fax: (604) 669-2543 Website: www.santoy.ca